The prolonged bear market decline is a litmus test to weed out impatience. Those who endure the lows without panic selling, and those who focus on learning rather than blindly following, will ultimately shine in the bull market. On Tuesday, the overall intraday trend showed a pattern of initial suppression followed by a rally. Bitcoin's price dropped from the early morning high of around 94,361 to a low of about 93,088 in the afternoon, then paused, followed by a rebound that pushed the price up to a high of approximately 94,415 in the evening. Ethereum's intraday trend was characterized by a volatile upward movement, with the price retracing to a low of around 3,201 in the morning before rebounding, and reaching a high of about 3,308 in the evening.
This week, Bitcoin reached the upper target of $94,500 as expected, but the bullish breakout signal remains unclear, and resistance levels are still strong. Future long positions should focus on the resistance zone's suppression effect. Currently, the market is facing downward pressure again, testing the support strength of the consolidation at the bottom of the white trading session. From the hourly chart, after the price dipped near the lower Bollinger Band, a slight rebound has appeared, further confirming the effectiveness of the support at the bottom. Therefore, trading can rely on the current rebound momentum to opportunistically set up long positions. Ethereum's trend is relatively clearer, maintaining a main upward wave pattern, with continuous upward breakthroughs. It has successfully tested the $3,300 level, showing strong upward momentum. Although recent movements are still influenced by Bitcoin's correlation, Ethereum's rebound resilience is notable, with limited downside space, reflecting that the overall short-term market trend remains strong.
Trading Suggestions: Bitcoin: Around 92,000, target 96,000 Ethereum: Around 3,200, target 3,500 $BTC $ETH
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
The prolonged bear market decline is a litmus test to weed out impatience. Those who endure the lows without panic selling, and those who focus on learning rather than blindly following, will ultimately shine in the bull market. On Tuesday, the overall intraday trend showed a pattern of initial suppression followed by a rally. Bitcoin's price dropped from the early morning high of around 94,361 to a low of about 93,088 in the afternoon, then paused, followed by a rebound that pushed the price up to a high of approximately 94,415 in the evening. Ethereum's intraday trend was characterized by a volatile upward movement, with the price retracing to a low of around 3,201 in the morning before rebounding, and reaching a high of about 3,308 in the evening.
This week, Bitcoin reached the upper target of $94,500 as expected, but the bullish breakout signal remains unclear, and resistance levels are still strong. Future long positions should focus on the resistance zone's suppression effect. Currently, the market is facing downward pressure again, testing the support strength of the consolidation at the bottom of the white trading session. From the hourly chart, after the price dipped near the lower Bollinger Band, a slight rebound has appeared, further confirming the effectiveness of the support at the bottom. Therefore, trading can rely on the current rebound momentum to opportunistically set up long positions. Ethereum's trend is relatively clearer, maintaining a main upward wave pattern, with continuous upward breakthroughs. It has successfully tested the $3,300 level, showing strong upward momentum. Although recent movements are still influenced by Bitcoin's correlation, Ethereum's rebound resilience is notable, with limited downside space, reflecting that the overall short-term market trend remains strong.
Trading Suggestions:
Bitcoin: Around 92,000, target 96,000
Ethereum: Around 3,200, target 3,500
$BTC $ETH