12.3 Morning Thoughts
From the recent trends, the overall price of the cryptocurrency is still within a broad fluctuation range. In the short term, after a continuous decline yesterday, the price surged in the evening but retraced its gains again at midnight. It is not hard to notice that although the price cycles through ups and downs, the peaks are gradually moving lower, indicating that the resistance above remains strong. At the same time, the support below is also very evident, and each retest has failed to produce a continuation pattern, remaining within the range. Therefore, in the short term, it is advisable to continue treating it as a range until the market breaks out, then follow the trend!
From the current four-hour structure, Bitcoin's volume is decreasing, with attention on the area around 96600 above, and a secondary level around 97000. Below, attention is on the area around 95400, with a secondary level around 95000. From the one-hour structure, Bitcoin's volume is increasing, with attention on the area around 96700 above, and attention on the area around 94800 below.
In the one-hour level, the price is oscillating between the middle and lower bands, operating within a contracting range. Currently, the bulls have shown some rebound, but the upward momentum remains relatively weak. In the short term, attention is on the pressure at the 97000-97500 level above, and the pattern is still within a broad fluctuation rhythm, with overall strength and weakness being uncertain. This morning, it is advisable to treat it with a short rebound strategy.
Bitcoin rebound at around 96500/96800 short, looking down to 95000/95300.
Ethereum rebound at around 3650/3680 short, looking down to 3550/3580.
