1.8 Morning Thoughts

Yesterday's market was generally dominated by bears. In the morning, Bitcoin surged to a peak of around 102,762 before forming a volatile pullback. In the evening, a strong waterfall drop hit, with Bitcoin reaching a low of around 96,153. Ethereum also touched around 3,700 in the morning yesterday and subsequently experienced volatility. The downward movements during the evening and midnight led to a strong continuation, with Ethereum currently reaching a low of around 3,353.

From the current market perspective, the intraday decline has engulfed yesterday's gains, and the K-line has formed a picture of a door. However, considering that last week saw a full week of gains, it is unlikely to continuously exhibit a one-sided trend. This pullback is not a reversal.

In the short-term 4-hour chart, after a large bearish drop, a continuation of the downward movement has followed, but there was a rebound at the support level around 96,100. Although the bearish formation is evident, the current price is at a low level, and it is not very rational to chase short positions. The focus should still be on buying on pullbacks!

Bitcoin: Buy in the range of 96,000-96,500, target around 98,000.

Ethereum: Buy in the range of 3,350-3,370, target around 3,460.

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