12.29 Afternoon Thoughts
From the perspective of the four-hour chart structure, the downward movement has also stopped, but given the current trend, it is still quite effective. The support is also slowly moving up, and the shorts are shrinking in volume. The price of the currency is returning to a correction, and this process requires a certain amount of time, with around 93400 as short-term support to form a local consolidation upwards.
The weekly candlestick chart presents a magnificent scene of four consecutive bullish candles, with the large bullish candle like the dawn light, piercing through the clouds, showcasing the vigorous and unstoppable bullish forces. On the daily level, the currency value is advancing step by step, accompanied by the strong pull of the large bullish candles. Although occasional bearish candles appear, attempting to interrupt this ascending melody, their force of correction seems rather weak. For most of the time, the market cleverly resolves the downward pressure by moving sideways. Therefore, the thought process remains primarily focused on buying the dips, with short positions as a secondary strategy.
Bitcoin: Buy on dips around 94300-94600, targeting upwards near 97500.
Ethereum: Buy on dips around 3350-3370, targeting upwards near 3500.