Mengzhou Morning Analysis

In the ever-changing field of cryptocurrency, patience has always been the most precious quality. Instead of anxiously focusing on short-term fluctuations, it is better to view it as a long marathon—those who can keep their composure and endure to the end are often the ones who truly succeed. Temporary pullbacks do not signify a trend reversal; every dip may hide the seeds of the next rebound. Not all persistence will yield immediate returns, but every time you refuse to give up, you are building strength for your future self. The road is still long, so don't let the fluctuations in front of you obscure your judgment of the long-term trend.

Recently, in the market, Bitcoin surged to 120,300 in the evening before slightly retracing. It still held steady above the 120,000 mark during the second attempt to rise, showing the strength of the bulls amidst the fluctuations; whereas Ethereum is still caught in the tug-of-war between bulls and bears, with neither rise nor fall forming effective continuation, testing patience even more.

From a technical perspective, we are currently at a critical decision point. The important support levels for Bitcoin are 119500 and 118800 below, while the resistance levels that need to be broken in the short term are 120300 and 121000 above. On the 4-hour chart, the MACD fast and slow lines are flat and sticking together, and the RSI is hovering around 54 with no clear direction. The Bollinger Bands are narrowing, which is clearly a prelude to a trend change. It is also noteworthy that during the oscillation, trading volume has been decreasing, and there have been no large orders stirring the market.

In such situations, rather than rushing to enter the market, it's better to manage your positions first. Pay more attention to the correlation with U.S. stocks in the morning session, and do not overlook the changes in important economic data and funding rates throughout the day. The current volatility has already dropped to a low level, and blind operations can easily lead to back-and-forth losses. It’s better to wait for a breakthrough at key levels before following the trend.
The pancake revolves around the multi-target of 12500 near 119500-119000.
Ethereum is focused on the range of 3690-3670 with multiple targets at 3820.