7.12 Bitcoin violently surged, Ethereum skyrocketed, how should longs and shorts position next?

In the current market, the head and shoulders pattern on the four-hour chart of Bitcoin has been completed, and the market has once again entered a sideways consolidation phase. Bulls are trying to push towards the upper Bollinger Band, but the continuation is insufficient, and the momentum is weak, overall still leaning towards a bearish structure. Currently, the market has not been able to break through the consolidation range, showing a 'step back and look' trend to correct the current situation. It is expected that the market will present a volatile consolidation trend over the weekend, with a high probability of a narrowing fluctuation range. From a trend perspective, the overall market is still operating within an upward channel, and short-term adjustments are part of the normal rhythm, making it difficult to change the overall direction dominated by bulls. In terms of operational strategy, it is recommended to adopt a pullback approach for long positions, relying on key support levels to grasp low-buying opportunities more steadily.

Ethereum is currently facing a directional choice; it has formed a clear accumulation peak in the range of 2930-2970, and the current price is testing the lower support of this area. Combined with the MACD death cross signal, there is a short-term risk of a downward breakout. More notably, recent trading volume has shrunk by 17%, indicating a strong wait-and-see sentiment in the market. Technically, although the EMA24 and EMA52 still maintain a bullish arrangement, a hanging man candlestick pattern with a top divergence has emerged, suggesting a weakening of the upward momentum. The strong support zone below is at 2650; if it breaks below 2850, it may accelerate towards this area.

Operational suggestions:

Buy Bitcoin at 115500-116000, with a target near 118000-120000. Protect at 115000.

Buy Ethereum at 2860-2900, with a target near 3000-3100. Protect at 2800.