Hope that today you can shine as brightly as the morning sun. Good morning, the crypto world still has a promising future!
Recently, I've been sharing fewer strategies with everyone, focusing mainly on solid strategies. I will provide some market analysis during my leisure time. Let's take a moment to briefly review the recent market trends; Bitcoin reached a peak of 126208 last week, setting a new historical high, and then started to experience pressure and a pullback. By the end of the week, it dipped sharply, retracting nearly 20,000 points, which dragged the entire crypto market down. At this point, the bull market has paused, but it has not fully turned bearish. After dropping to around 101516, it quickly rebounded above 110,000, after a significant shakeout of long positions, and began to oscillate widely. After the correction, there is still a trend towards a potential bull market ahead.
From the daily chart of Bitcoin, after a series of negative retractions, it has quickly formed a closing price again, continually testing the support below. Currently, the first support level for Bitcoin is around 109000-110000. After multiple touches in this area, it can quickly form a closing price, which provides effective rebound strength. The 109 level naturally becomes our first defensive position for going long; the success or failure at this level will determine whether the market stabilizes and rebounds or continues to face pressure and decline. Setting aside last week's large bearish candlestick (the quick rebound of 10,000 points indicates that it's purely institutional manipulation), the daily retraction low has not fallen below the previous low, and the trend remains bullish. This pullback has only deepened the retracement. The bullish trend for Ethereum is even more evident, with lower lows continually rising, and each time the lower low is tested, it is not broken. The low continues to rise, and support is also shifting upward. Currently, the first support level for going long is around 3900; the Bitcoin price is in a wide oscillation correction between the daily Bollinger middle and lower bands, and Ethereum is similarly positioned. The first resistance level for Bitcoin is around the middle band at 106, while for Ethereum, it is near 4230. Based on the formation, today the price is expected to make another push from the lower band to the middle band. In the morning, we look for a stabilized rebound in prices, and in terms of operations, we can look to buy on the retracement.
Bitcoin can be bought in the morning at 110500-110000, targeting around 113000; Ethereum can be bought at 3960-3930, targeting around 4100. $BTC #加密市场观察
