Analysis of Bitcoin and Ethereum Market

It's been a few days since the last update. Indeed, there have been many family matters recently, and they have finally been resolved. Opening the market again, since breaking the high point on the 24th and reaching around 36,000, it is currently oscillating around 34,500 in a retracement cycle. The oscillation at the high level and the overall weak retracement indicate that there is still momentum for further upward exploration in the future!

Looking at the daily chart, it is currently in a high-level consolidation phase. Both the Bollinger Bands and the moving average indicators are diverging upwards with a wide opening, indicating the need for continued oscillation and repair. It is worth noting that the stochastic indicator is currently approaching the overbought zone, with the three lines intersecting, indicating that there is still some limitation on the upward space, and attention should be paid to the risk of retracement!

On a smaller time frame, looking at the one-hour chart, Bitcoin is currently in a high-level box oscillation structure, with resistance at 34,800 and support at 33,400. There is a clear box structure. The rebound yesterday encountered resistance at the high level and is currently experiencing a slight retracement. From the Fibonacci golden ratio perspective, the current retracement has just reached the 0.382 retracement level. The overall retracement is still weak, and this cannot rule out the possibility that there are long positions with a certain volume at the top, causing the coin price to be unable to retrace and correct. Of course, the short-term rhythm is still centered around the high-level oscillation range! It is recommended to focus on the bullish trend.

Recommendations:

For Bitcoin, consider lightening positions around 34,000 in the retracement, continue to retrace to 33,600 to fill positions, and set defense at 33,300. The target is around 34,800 ± 100.

For Ethereum, consider entering the 1770-1760 area in the retracement, set defense at 1730, and initially target 1810. If the position is broken, reduce positions and continue to target above 1850!

The above recommendations are for reference only!

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