Yesterday, the market performance can be described as a dual slaughter of both bulls and bears, causing a significant loss for many traders. I'm curious how everyone is doing. Looking back at the early morning period, there wasn’t much fluctuation in the market, and the trading environment was quite quiet. The entire market was in a 'rest and recuperation' phase after a sharp decline until it started to move slightly later in the night. Bitcoin dropped from 89553 to a low point and then slowly climbed back up to 91338, before slightly retreating and stabilizing around 90200; Ethereum followed Bitcoin's lead, hitting a low of 3066 before surging over 100 points to 3152, but it couldn't hold that level and retreated to around 3110.
From a 4-hour perspective, the market is oscillating back and forth with decreasing volatility, and the price is fluctuating between 89000 and 90500, without a clear upward or downward trend. The candlestick patterns mostly run in the middle to upper range, with several attempts to push upwards being pushed back, indicating heavy resistance around 91500; conversely, the support around 89000 is quite reliable, having defended against downward trends multiple times, making it a key battleground for bulls and bears. From a 1-hour perspective, the market is entering a consolidation phase, with prices slowly moving downwards from the middle position, and the fluctuation range is getting smaller. The candlestick shows a pattern of stepping down but quickly bouncing back, indicating that there is still buying support at lower levels, although the overall strength is slightly weaker. Now let's look at two key signals: one is the MACD indicator sticking together in the middle position, and the other is the RSI indicator in the middle region, both indicating that the bulls and bears are currently at a stalemate and cannot reverse the trend for now. Therefore, the midday trading strategy is quite clear: wait for a pullback to gain strength before entering long positions, and do not blindly chase higher prices!
Bitcoin: Enter long around 89000-89500, target at 92000
Ethereum: Enter long around 3070-3100, target at 3200$ETH
