1.9 Afternoon Thoughts
Bitcoin/Ethereum's market yesterday evening fell to around 92500 and 3200, quickly rebounding after a dip. Currently, it continues to oscillate sideways, but the market shows signs of stabilizing. Even if there is another dip during the day, it will likely test the lower support before rebounding again. The hourly and four-hour charts have also shown signs of stabilization, making it unwise to pursue short positions at this point.
From a technical analysis perspective, on the four-hour chart, the Bollinger Bands are significantly opening up, with the price running near the lower band. However, after breaking through the lower band, the price quickly rebounded, transitioning from bearish to bullish in the morning. The KDJ has turned upwards, forming a golden cross, and the MACD's volume is also beginning to slow down. Overall, while the major trend remains bearish, there are signs of a potential bottom forming. Therefore, during the day, it may be advisable to open a long position, and then observe if the price reverses upon reaching the upper resistance.
Long positions near 93400-94000 for Bitcoin, targeting around 96000.
Long positions near 3300-3320 for Ethereum, targeting around 3400.
