The market remains strong, with bulls continuing to increase volume during the afternoon, and the price continues to rise, reaching the morning's pressure point around 98400, where it stops rising again. The damage to Ethereum is inevitable as it continually recovers after the morning's pullback, showing a momentum to climb higher. Although the long positions set in the afternoon have not reached the profit-taking point, they are still closing with a good profit, with Bitcoin gaining 900 points and Ethereum gaining 36 points.
Let's discuss the current market outlook. Last week's market rally did not break through 100,000, and the weekend saw a pullback of four to five thousand, which has led to many bearish voices in the market. But is the bull market really over? Many people currently think that sharp rises followed by sharp falls signify the end of the bull market. I want to say that many people have not clearly understood the definition of a bull market. In a bull market, a rally of a few thousand points in a week with a weekend pullback of five thousand points does not necessarily count as a deep correction. In a bull market, if you don't dare to go long, the outcome in a bear market is simply not being bearish. If you can't hold on to the big moves, then where is the opportunity for a rebound? As long as the market has not broken below the overall starting point, the bull market will not end. Finally, I remind everyone that a few thousand points of pullback within a day is normal, so manage your positions accordingly.
From a technical perspective, the mid-line support on the hourly chart causes the market to bounce back after reaching a high, but the candlestick has not continued to rise and break through. The Bollinger Bands also do not show a clear trend of upward expansion. The overall pressure point above the structure is around 98400, and the hourly KDJ indicator lines are gradually converging with a death cross trend. In the short term, there will still be some downward adjustment space. However, the overall bullish market outlook remains unchanged, with the expectation of waiting for a pullback to continue being bullish.
You can go long on Bitcoin at 97500-98000, targeting around 99200. For Ethereum, you can go long at 3340-3370, targeting around 3450.
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