1.16 Friday midday market analysis

Bitcoin closely follows Bitcoin's oscillating movements, and overnight also fell into consolidation. Currently, the high points are gradually moving downward, but no obvious break below has been seen on the downside. The current price hovers around 3290, overall in a state of being caught between upward and downward movements.
From the four-hour chart, the Bollinger Bands are gradually narrowing, reflecting a weakening of short-term upward momentum. The current price mainly moves between the middle and upper bands, with support near the middle band still solid. The market is temporarily confined within a narrow range of fluctuations.
In terms of operation, it is not recommended to follow a one-sided approach for now. Continue to observe the breakout of the boundary of the range, and adjust strategies once the direction becomes clear.
ETH trading suggestions: (consider long positions) Buy on dips around 3270, targeting 3320-3350, stop loss at 3240.
If near the upper band at 3350, switch directly to short, stop loss at 3410, take profit at 3290, and if the break below 3240-3200 occurs, watch for further decline.