12.3 Midday Thoughts
The current market has once again shown a fluctuating pattern, with the daily mid-track area around 94500 establishing a new support line. In the short term, upward momentum is encountering obstacles, and the rebound momentum is gradually weakening, with resistance areas gradually moving down. The overall trend is turning weak, indicating that there may be further attempts to test the support level in the short term.
Currently, the rhythm of the upward movement in the short term has also been interrupted, and the rebound is gradually being broken, with resistance starting to move down. The overall trend is beginning to show a weak run. On the four-hour chart, the price of Bitcoin has attempted to break below the lower track multiple times, and it also broke through the 94700 line, but the sharp drop was quickly recovered. After pulling back, the price rose to around 96300. However, from midnight to morning, there was no significant increase in trading volume to form a breakout, but the high points of the candlestick chart are continually moving down, and the operating range is still around the mid to lower track. The support at the lower track is not strong, so there is a possibility of a pullback in the future market. During the day, we expect a retreat from the high position, and we will focus on corrections during wide fluctuations for our operations.
Bitcoin: Short near 96400-96600, target 94700
Ethereum: Short near 3660-3680, target 3600
