Good morning everyone, a new day has begun. Yesterday, the Bitcoin price saw a significant drop, plunging over 6500 points in one go. From a high of 102762, it continuously declined to a low of 96153. Currently, there is a slight rebound but the momentum is not strong. On the Ethereum side, there was a drop of over 400 points. The market did not give the bulls any opportunity yesterday as the price kept touching the bottom.
In the current market situation, the price is fluctuating tightly between the upper and middle Bollinger Bands on the daily chart, displaying a clear ranging oscillation pattern. In this state, prices fluctuate frequently; the market was in a short-squeeze mode the day before yesterday, while today it has turned to a long squeeze, continuously clearing out positions in the market. If in the short term the price cannot effectively break below the key area of the daily middle band at 96500, then it's highly likely that the market will still rebound. However, given the current situation, the price is under pressure from the upper band and is undergoing a retracement process, maintaining a bearish outlook after the retracement.
Trading Suggestions
Buy Bitcoin around 96500, target 98000
Buy Ethereum around 3350, target 3450
