Friday morning thoughts
In the world of cryptocurrency contracts, every order placed feels like stepping onto an unknown journey! The heartbeat rises and falls with the market fluctuations, and the account numbers paint a wealth picture like a magical brush. Yesterday at midnight, after experiencing a round of declines, the Bitcoin market entered a phase of consolidation, with prices dipping from a high of 108712 to the 1074081 level, then oscillating around this range. The Ethereum market at midnight saw a slight rebound to a peak of 3968 before facing pressure and falling back, with the price touching a low of 3826 at midnight before stopping, nearing the morning market which warmed up to a high of 3898.
According to the current situation on the market, the four-hour level shows that the market has formed a three consecutive bearish trend, and the price is also close to the lower Bollinger Band, continuing to decline. The rhythm has already shown a significant level of weakness, and the bulls have failed to stir any waves. The space below has been completely opened up, and the current bearish momentum is still strong. Overall, there is a strong expectation for a continued downward trend. From the one-hour level, after experiencing a significant decline, the market has entered a phase of slight declines with intermittent rebounds. Although the downward trend has slowed down, the bulls have seen a small rebound, but the bears continue to increase in volume. Key support levels below have all been breached, and the adjustment points keep declining, indicating that the downward cycle has not yet ended. Therefore, in the morning operations, we will proceed with the strategy of shorting after a rebound.
BTC: Short around 108500-109000, target looking at 107000-116500
ETH: Short near 3930, target at 3800.
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