Saturday Afternoon Bitcoin and Ethereum Market Analysis and Trading Suggestions
Looking back at yesterday's market, Bitcoin maintained a volatile consolidation during the day, with prices facing pressure around the $90,000 mark and pulling back. However, as the lows gradually rose, a bullish rebound was realized during the early hours of the US market, reaching a peak near $91,000 before facing pressure again, overall still constrained by key resistance areas. Ethereum's trend is relatively stronger, persistently moving upward from around $3,000 yesterday, peaking at $3,150 before encountering resistance and pulling back. Currently, the price is in a key resistance area, and it is expected that there will still be a need for a pullback and phase adjustment.
From the current market perspective, the daily line has closed positively, breaking the previous narrow consolidation pattern. Although the price has surpassed previous highs, it is still overall under pressure at the $91,000 level. While bulls dominate the trend, the trading volume has not shown significant expansion, and the Bollinger Bands remain closed, indicating that we are currently in a consolidation phase after the upward movement. Indicators are approaching the overbought area; if a slow upward movement can occur after a pullback in the short term, it will be more beneficial for the health of the trend's continuation. Observing the four-hour chart, the price has entered the overbought area, and after a continuous rise, a long upper shadow has formed, indicating insufficient support in the short cycle, making it difficult to push for further rises directly. The key position facing pressure again suggests that the breakout is not instantaneous and is more likely to advance with a rhythm of "slow rise - adjustment." After this round of highs, attention can be paid to the support area of the four-hour mid-line, waiting for stabilization after a pullback to layout subsequent opportunities.
Trading Suggestions:
Bitcoin should look to short near $90,300 - $90,800, targeting around $88,500.
Ethereum should look to short near $3,130 - $3,150, targeting around $3,050.
