In the waves of rise and fall in the cryptocurrency world, no one can avoid the bumps of volatility, yet there are always those who can maintain their determination through cycles. Every pullback you experience is not the evaporation of wealth, but the market's way of filtering true believers; every bear market midnight you endure is not a lonely wait, but a process where value precipitates silently. The price of Bitcoin has faced resistance and retreated from around $92,500, dropping to near $89,500 before entering a horizontal consolidation phase. The Ethereum trend aligns with Bitcoin, having dropped from a high of $3,254 to a low of $3,041 before stopping its decline, with a suggestion to buy on a retracement at midnight.
After the US stock market opened in the evening, it again opened high and fell low, with the cryptocurrency market also facing downward pressure. Approaching midnight, Bitcoin continued to retreat from around $92,500 to $89,500 before transitioning to a consolidation phase. The current 4-hour candlestick has shown a significant bearish candle during the early morning period, leading to a bearish divergence signal in the MACD and KDJ indicators, but it has also resulted in a significant divergence gap between the cryptocurrency price and the MA5 moving average. From the hourly structure, the current downward momentum has not been fully released. During the early morning phase, key attention should be paid to the defense of the support area between $89,300 and $87,600. If the cryptocurrency price cannot effectively break below any support level within this range, Bitcoin still has the possibility of rebounding again, but the expected high point of the rebound will gradually lower, with resistance above to focus on the $91,300 to $92,000 range. Overall, the early morning market is still mainly fluctuating within a range, and it is recommended to adopt a short-term strategy of selling high on rebounds while cautiously buying low, paying attention to position control and the breakthrough of key levels.
Operation suggestions:
Bitcoin: around $89,500, target $93,000
Ethereum: around $3,000, target $3,300
