1.9 Afternoon Thoughts
Bitcoin/Ethereum fell to around 92500 and 3200 last night, quickly rebounding after the dip. Currently, it continues to oscillate sideways, but the market shows signs of stabilizing. Even if it tests lower levels again during the day, it will likely attempt to test the support below before rebounding. Both the hourly and four-hour charts have also shown signs of stabilization, making further short positions inadvisable.
From a technical analysis perspective, on the four-hour chart, the Bollinger Bands are significantly widened, with the price operating near the lower band. However, after breaking through the lower band, the price quickly rebounded. This morning saw a shift from bearish to bullish, with KDJ turning upward to form a golden cross. The volume on the MACD is also beginning to slow down. Overall, while the broader trend remains bearish, there are signs of bottoming, so a long position can be considered for the day, and if the price rebounds to the resistance level above, we can observe if there will be a reversal!
Long positions near 93400-94000 for Bitcoin, aiming for around 96000
Long positions near 3300-3320 for Ethereum, aiming for around 3400
