In the afternoon, the market first saw a surge followed by a pullback. The highest point for Bitcoin reached 71649, then quickly dropped to a low of 70295 before rebounding. Ethereum followed a similar pattern, reaching a high of 3684 and a low near 3630 before encountering resistance and rebounding. The overall trend and direction are basically within our expectations. Currently, the bulls are gathering strength, consolidating at high levels and experiencing minor pullbacks, indicating that the bulls are still in a strong position.
From the current market perspective, after the pullback from the high point of 71649, the 4-hour level began to consolidate horizontally above the short-term low of 70295. Both bulls and bears are frequently struggling, but the range is gradually narrowing. The Bollinger Bands are still opening upwards without any signs of turning. The current structure is in a phase of consolidation, correction, and gathering strength. In terms of short-term risk, patience is key. Short-term movements may still involve a second surge followed by a pullback. Pay close attention to the 70000 support level below. If it is breached, it will deepen the adjustment space, and you can follow the trend accordingly. Currently, in the context of contraction and consolidation, it is still preferable to focus on minor rebounds in the direction of the unchanged trend.
In the evening, it is advisable to consider going long near 70000-70500 for Bitcoin, with a target around 72000-72500. For Ethereum, consider going long near 3600-3580, with a target around 3700-3750. For defensive strategies, you can consult with Shanhe Ge. Regardless of whether you are a novice or experienced trader struggling in the market, or seeking stable profit methods, you can find guidance and support through improving your practical trading skills to survive in the market in the long term. You can follow the public account "Shanhe Ge Lunbi" for real-time guidance and strategic benefits.
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