From the 4-hour intraday trend, during the early trading session, the price rapidly surged and broke through the short-term resistance level, forming a clear upward spike trend. However, it was soon met with profit-taking selling pressure, resulting in a technical correction. During the correction, the price found support near a key support level, forming a typical bottoming and rebound pattern, indicating that there is still some buying strength in the market. Ethereum's movement shows a clear divergence from Bitcoin in terms of volatility rhythm. When Ethereum experiences sharp fluctuations, Bitcoin's price remains relatively stable; and vice versa. This divergence reveals a key characteristic of current market capital flow: the main funds are not moving in a unified direction but are rotating between different cryptocurrencies. Looking at the trading volume, overall market activity has significantly decreased compared to the previous few trading days, indicating weak willingness for new capital to enter, with more internal battles among existing funds. Considering the digestion of previous profit-taking, and in the absence of new capital influx, the market is likely to continue oscillating and correcting. The suggested trading strategy is to mainly short on rallies.
Saturday night Bitcoin: Short around 103,000, with an initial target of 101,000. Ethereum: Short around 3470-3460, with an initial target of 3350.
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From the 4-hour intraday trend, during the early trading session, the price rapidly surged and broke through the short-term resistance level, forming a clear upward spike trend. However, it was soon met with profit-taking selling pressure, resulting in a technical correction. During the correction, the price found support near a key support level, forming a typical bottoming and rebound pattern, indicating that there is still some buying strength in the market. Ethereum's movement shows a clear divergence from Bitcoin in terms of volatility rhythm. When Ethereum experiences sharp fluctuations, Bitcoin's price remains relatively stable; and vice versa. This divergence reveals a key characteristic of current market capital flow: the main funds are not moving in a unified direction but are rotating between different cryptocurrencies. Looking at the trading volume, overall market activity has significantly decreased compared to the previous few trading days, indicating weak willingness for new capital to enter, with more internal battles among existing funds. Considering the digestion of previous profit-taking, and in the absence of new capital influx, the market is likely to continue oscillating and correcting. The suggested trading strategy is to mainly short on rallies.
Saturday night Bitcoin: Short around 103,000, with an initial target of 101,000.
Ethereum: Short around 3470-3460, with an initial target of 3350.