12.22 Market Observations on Bitcoin and Ethereum
Today's Viewpoint:
On the daily chart, both Bitcoin and Ethereum seem to have found their bottoms and have begun a preliminary rebound journey. This is undoubtedly a ray of hope that market participants have been looking forward to.
However, when we turn our gaze to the hourly chart, the complexity of the market becomes apparent. Above Bitcoin, a significant resistance line looms at the 99000 mark. Here, it seems that countless sell orders are waiting, ready to flood the market as soon as the price rises slightly, quickly pulling it back down. The market is currently in a delicate balance, undergoing slight consolidation while searching for a new direction.
In such a market environment, I personally suggest that for bulls looking to seize rebound opportunities, they need to closely monitor the breakthrough of the 99000 resistance level. If the price successfully breaks through, then the space above may open up, leading to a considerable upward movement. For bears, the support near 95000 has become a defensive line they must be cautious of. If this price is breached, the market's downward trend may restart.
In terms of specific operations for Bitcoin, it is recommended to establish long positions near the 96000 point, targeting the range of 98000-99000 points. If the price approaches 98000 points, it is advisable to consider opening short positions, aiming for around 96,000 points to lock in profits and mitigate risks.
As for Ethereum, a relatively stable operating range would be 3300-3400 points. Operating within this range allows one to capture market fluctuations without taking excessive risks.
Overall, I believe that although the current market is complex, it is not without opportunities. As long as one can accurately grasp the market's rhythm and arrange their positions reasonably, both bulls and bears have the potential to earn their share of profits in this market.
