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Morning to midday market trend remains weak and volatile, currently reaching a low of around 79,137. Although there was a rebound in the morning pushing above 80,331, it unfortunately did not hold the 80,000 level. Ethereum's movement is quite similar, mostly following Bitcoin's trend recently, with a rebound in the morning followed by a decline again. After the price broke below the support level, it did not continue to decline further but instead moved in a volatile correction to build momentum, indicating that the current support below still exists. At this point, blindly following short positions is not advisable. This signal also aligns with the current market correction pattern. From the current structure, there isn't much room at the bottom; the price is oscillating around 79,000-80,000, with the range of movement becoming smaller. In the short term, the bullish outlook remains unchanged.
From the current structure, the overall trend is still quite clear, mainly characterized by weak and volatile consolidation. The market rebounds and faces resistance, then falls back, with highs gradually lowering and support forming at the bottom. The bulls and bears are switching back and forth, without a clear directional signal, and the space for further movement is limited. On the 4-hour chart, the price cannot break above the resistance level, and the sustained upward momentum has been suppressed again. The bears are retreating without breaking key levels, which is futile. This is still not favorable for the bears. The resistance above the current structure is relatively strong, and support below is forming with the market oscillation. It is expected that there will be no breakout in either direction today, and the market will remain in a consolidation phase. Therefore, our future trading strategy can still focus on buying on dips.
On Friday midday, Bitcoin ranged around: 79,300-79,000, with a long target of 81,500.
Ethereum: 2,250-2,230, with a long target of 2,380.