Yesterday during the midnight period, the cryptocurrency market overall showed a narrow range of fluctuations, with volatility remaining low. Bitcoin faced resistance after rising to a high of 91800 during the midnight period, followed by a technical pullback, reaching a low of 91058 support level in the early morning period, with the overall operating range narrowing. Ethereum similarly exhibited a consolidating trend, starting a corrective rebound from a low of 2983 in the evening, touching a high of 3043 during the midnight period before encountering resistance and falling back, with a morning low dipping to 3002, maintaining a balance in the long and short positions.
According to the current market structure analysis, the four-hour level indicates that prices are continuously operating below the upper band of the Bollinger Bands, with neither side showing effective breakthrough momentum, and the overall market has gradually entered a consolidation phase of time exchanging for space. Although the bears are currently showing a slight pullback, the market's willingness to push upward still exists due to the Bollinger Bands continuing to open upward. Observing from the one-hour level, the price action quickly turned from four consecutive bullish candles to four consecutive bearish candles after experiencing a rebound, accompanied by the Bollinger Bands gradually narrowing, with the price structure also showing a fluctuating pattern. The continuous consolidation can be seen as a significant probability for the bulls to accumulate strength for a second upward attack, thus the bullish trend still dominates, and the possibility of the bulls gaining momentum again in the morning period should be noted.
Bitcoin: 90500-91000 range layout for long positions, target focus on 92500
Ethereum: 2970-3000 range layout for long positions, target focus on 3100
