Bitcoin has been consolidating in a high range for two months since March, and the price has remained above $60,000, showing considerable strength. However, this does not mean that the daily trend has turned into a clear bullish trend, because the suppression of the high level continues to move downward, forming a short-term pattern. At present, we should pay attention to the daily upward resistance level, especially around the $66,000 integer mark. Only when the price stands above $63,800, it is possible to continue to rise and test the $66,000 line.
In the short term, the four-hour chart shows that the price is running in an upward channel, and the four-hour short-term support level is around the integer mark of $63,000. In addition, on the one-hour chart, the three lines of the Bollinger band are open, and the price is trying to stabilize at $64,000 after breaking through $63,800. Based on the above analysis, I personally suggest that you focus on the support of $63,000 during the day, rather than focusing too much on the level around $63,800.
Based on the above views, I believe that shorting during a steady rebound is the main strategy.
Ethereum encountered downward pressure after hitting the $3,250 level, and the price has now fallen below $3,200. It should be emphasized that the long position near $3,180 that we preset yesterday was not perfect. On the daily chart, the overall K-line formed an upward channel. Although it is still suppressed by the high level, it has formed obvious support near the bottom of $3,000. My personal opinion is that the price may fluctuate back and forth between $3,150 and $3,250 to absorb funds, and then a round of upward momentum can be started after the top and bottom conversion is formed in the entire range.
On the four-hour chart, the price is currently in a volatile market, and the market tends to absorb funds in a large range. In general, a bullish trend can only be formed when the price breaks through and stabilizes the suppression range between $3,280 and $3,300. Therefore, although the price shows a certain upward channel, it is still bearish.
Based on the above points, I believe that the main strategy for Ethereum in the future should be shorting on rebound.
The market is unpredictable and opportunities are fleeting. Only by paying close attention to every subtle change and seizing your own opportunities can you remain invincible in the ups and downs of the market. Are you ready today? Let's look forward to the wonderful performance of the market together!
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