Monday Evening Bitcoin and Ethereum Market Analysis and Trading Suggestions
Reviewing the morning and afternoon market, Bitcoin has resumed its upward trend after a recent pullback and consolidation, successfully breaking through the key psychological level of 120,000, reaching a high of around 122,450, setting a new historical high. The current price is maintaining a range of 120,000-122,000 with fluctuations, the overall bullish pattern remains unchanged, and if it falls below the 120,000 level, we will consider a continuation of the downward trend. The recent trading strategy is primarily focused on going long, with good execution results and overall risk control.
Long-term Analysis: The weekly level maintains a strong upward trend. Last week's candlestick formed a doji pattern, indicating that the price successfully stabilized above 120,000 after a deep pullback. This week, it continues strongly, effectively breaking through the 120,000 level. The price continues to operate along the upper Bollinger Band without significant pullbacks. The current weekly technical indicators are operating healthily, with the Bollinger Bands showing a significant opening expansion, indicating further upward space. Given the current continuous rise of Bitcoin and the sparse effective technical resistance above, the bullish outlook remains unchanged, with a strategy focused on maintaining profits in line with the trend.
Short-term 4-hour Analysis: The four-hour chart shows Bitcoin fluctuating around the upper Bollinger Band. Although there were downward movements during the session, the closing prices were able to effectively recover, indicating there is supporting strength below, initially validating the effectiveness of the support. It is expected that after the consolidation, Bitcoin is likely to further solidify above 120,000.
Market Outlook and Trading Strategy: Based on the analysis of both long and short cycles, the bullish pattern of Bitcoin is solid, maintaining a bullish directional judgment. The short-term fluctuations are a technical adjustment, and once stability is achieved, there is a hope for the continuation of the upward trend.
Trading Suggestions:
Bitcoin 119,000 - 119,500 range, look for 121,000
Ethereum 4,130 - 4,150 range, look for 4,300
Bitcoin support below 118,800, Ethereum support below 4,120.
