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Analysis at 7.14 AM
Yesterday, the Bitcoin price oscillated upward from a low of 116900, breaking through 118000 in the evening, with bulls pushing it up to around 119600, achieving the target for the low long strategy. Currently, the market is oscillating and correcting around 118600.
The chart shows that Bitcoin has surged and then corrected. After four consecutive bullish days with a minor bearish day in between, it has strengthened and is firmly above the moving averages, indicating ample bullish momentum. The hourly chart has repeatedly tested the support at 117,000 over the weekend, which remains solid, and both the high and low points are being raised in a wave-like upward pattern.
Midnight thoughts continue to lean towards the long side:
- The pancake adjustment in the range of 118100-117600 can be used to layout Duodan, with a target of 119500-120000. Breakthroughs will be viewed in the trend.
- A callback in the 2950-2920 range can set up for Du Dan, looking up to around 3030-3100.
BTC fluctuated upward from a low of 116900 yesterday, breaking through 118000 in the evening, with long positions making a strong push to around 119600, achieving the low long strategy target. Currently, the market is correcting in the vicinity of 118600.
Market data shows that BTC has corrected after a rise. The daily chart shows four bullish candles sandwiching a small bearish candle before strengthening, holding above the moving average, with ample bullish momentum. The hourly chart has seen multiple retests over the weekend, with the support at 117000 solid, and the highs and lows rising in sync, presenting a wave-like upward trend.
Midnight strategy continues with low long positions:
- BTC can be positioned in the 118100-117600 pullback range, targeting 119500-120000, with a breakout looking up.
- ETH can be positioned in the 2950-2920 pullback range, looking up towards around 3030-3100.