Tuesday's Intraday Thoughts
Bitcoin's price reached around 119700 yesterday at a high point before pulling back, with a short-term spike upwards followed by a drop of over 4000 points, nearing morning support at the low. Currently, the price is running around 117000, with weak upward momentum, and the trend is in a phase of range consolidation. The key resistance to watch is above 118500. Until it breaks and stabilizes above this level, the expected oscillating market will continue for a while. It is not recommended to make too many arrangements at the moment!
On the short-term hourly chart, the Bollinger Bands are slowly narrowing, and the price is running below the middle line, with both bulls and bears in a stalemate. Currently, the market lacks sufficient volume, and the short-term oscillation will continue. The strategy remains to go short at high prices and long at low prices. Resistance above is around 118500, and support below is around 115000.
For Bitcoin, a rebound at around 118500-119300 should be shorted, looking for a drop to support at 116000-115000, and if broken, continue to look for 114000. If it does not break, directly reverse to long.
For Ethereum, a rebound at around 3850-3990 should be shorted, looking for a drop to support at 3700-3650, and then reverse to long.
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