$BTC
Bitcoin and Ethereum experienced multiple sharp declines in the early hours of the past two days, but the downtrend ended this morning, showing some stabilization in the market. However, the important resistance level above has not been effectively broken. Bitcoin reached a high of 97777 in the early hours, just a line away from the previously significant support and resistance zone around 98000 to 98500. After a rapid rise, the pullback was relatively small, and it is currently in a consolidation phase. Attention should be paid to the support below and the situation of rising lows; if support holds, the market may continue to rise.
In the past few days, Bitcoin and Ethereum have shown significant volatility in their candlestick patterns, with a low of 92200 and 3100 quickly rebounding by 5000 and 400 points, forming long lower shadows in the candlesticks, indicating strong buying support. The significant drop in the daily chart over the past two days also shows signs of stabilization. In terms of technical indicators, the current MACD histogram is negative and gradually shortening, with both DIF and DEA at low levels and showing signs of convergence, indicating a weakening of bearish strength, which may lead to a rebound.
In terms of trading strategy, Bing Tang suggests entering long positions for Bitcoin around 96000 to 96500, targeting near 98500, and for Ethereum around 3390 to 3420, targeting near 3530; if it breaks above, further upward movement can be expected.
