The market continues to oscillate at high levels, alternating between sideways movements and potential upward momentum. We need to wait for a better opportunity for short positions. After being pressured by the upper band, Bitcoin's daily price has returned below the upper band. Following four consecutive bullish candles, yesterday closed with a bearish candle with upper and lower shadows. The KDJ and RSI indicators are slowing down and trending downward, while the MACD has not shown a significant decrease in volume.
On the 4-hour chart, the upper band of the Bollinger Bands is narrowing and moving downward, but the middle and lower bands are still opening upward. Currently, the price is supported by the middle band, which is helping to stop the decline and facilitate a recovery. The MACD's bearish momentum is starting to increase, while the KDJ has crossed downward and the RSI is oscillating downward. The indicators show a strong bearish momentum, but the price pullback is not significant, indicating a potential trap for short positions.
On the hourly chart, the MACD's bearish momentum is continuously decreasing, the KDJ has crossed upward, and the RSI is turning upward from a low position, indicating that the pullback's strength is gradually weakening.
In summary, the market is not suitable for directly chasing short positions. After a rise, the market is in a correction and consolidation phase. The intraday strategy should focus on buying low first, with support levels at 94,500 and 93,500. Engage in low buying around these levels, targeting 95,500, 96,500, and 98,000. For resistance, pay attention to the levels around 98,000 and 99,000, and consider entering short positions around these areas later.
Ethereum has tested the 3,280 level multiple times, which is not the preferred entry point for low buying. Support levels to watch are 3,230 and 3,180, where low buying can be considered. Target levels are 3,300, 3,380, and 3,400. If you want to take a short position, you need to wait, with resistance levels at 3,380 and 3,440, where you can consider entering short positions.
The market is oscillating repeatedly, and it is best not to participate in the middle range, as it can lead to being trapped or facing too many uncertainties. Patience is key; wait for the market to clarify its position before considering participation. Manage your position well, set a small stop loss, and let time take its course. Opportunities will present themselves!
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