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Quick overview of Bitcoin and Ethereum market on Friday early morning

Today's overall performance in the cryptocurrency market can be summarized as 'strong', with a solid upward trend. After Bitcoin dipped to the key support level of 114200 at noon, it launched a rapid rebound, violently rising to a high of 116740 in the afternoon.

Currently, the market has once again surged to a relatively high position early in the morning, and short-term attention can be paid to the pullback situation. Aggressive traders can try a short position with a small amount, while conservative traders are advised to wait for a pullback before setting up long positions.

Technical analysis

- Daily chart: Bitcoin firmly stands above the mid-track, and the previous pullback has no effect on the strong pattern. The current upward trend is obvious, with consecutive bullish rebounds and higher lows, strongly reclaiming lost ground. The double bullish pattern on the daily chart indicates that there is still room for further upward movement.

- Four-hour chart: Bitcoin shows a stepwise slow bullish rise, with the upper band of the Bollinger Bands being pushed open, and strong support at the mid-band. The price continues to hit the upper band, and a breakout is imminent; Ethereum also shows a similar strong performance.

- One-hour chart: The one-sided upward momentum is rapid, and when pulling back to the mid-band, it only 'touches and stops', with the mid-band becoming a solid bullish defense line. A pullback is an excellent opportunity to enter. Small bullish candles have slowly risen without massive volume, indicating that the top is still far away, and the slow rising trend will continue.

Trading suggestions

- Bitcoin: Long positions in the range of 116000 - 116300, target 118000, with a stop at 115800.

- Ethereum: Long positions in the range of 3780 - 3800, target 3900, with a stop at 3770.

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