12.4 Morning Thoughts
Let’s review today’s trend
Yesterday, the turmoil in South Korea and the president's issuance of a gag order directly led to a wave of corrections in the global cryptocurrency market, with Bitcoin dropping to 93578, and rebounding to 96250 after the gag order was lifted, entering a high-level consolidation.
From the 4-hour structure chart, Bitcoin's price is at the lower band of the Bollinger Bands
Below, we see that the moving averages are struggling around 95800. The battle is between the 96500--96200 range. If the price breaks 96200, it indicates that the bullish momentum is still strong, and a new bottom will form in this area.
For Bitcoin, we are looking at 95650 below, and 97000 above.
For Ethereum, we are looking at 3575 below, and 3660 above.
