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The market on Thursday has concluded once again, let’s briefly review; yesterday Bitcoin showed a surge and pullback trend, breaking through 120100 in the early morning before facing pressure and pulling back, reaching a low of 117412, and stabilizing and rising to around 119100 in the evening; Ethereum performed strongly during the day, peaking at 3482, and after a pullback to 3362 in the evening, it found support. We accurately grasped the market rhythm, with Bitcoin accumulating a profit of 4289 points and Ethereum achieving a total gain of 231 points. This is the recent market situation, whether bullish or bearish, there must be a clear strategy; one should not chase rising prices when it goes up or chase falling prices when it goes down, as that completely leads one by the nose. The key is to grasp the entry points and clearly see the trend.
In the current market, the price briefly rebounded and broke through the middle band of the Bollinger Bands, but then faced pressure and fell back. Overall, it is still in a consolidation pattern. The Bollinger Bands are narrowing, indicating a decrease in market volatility, and neither bulls nor bears have managed to achieve an effective breakout. The price continues to oscillate within the range of 117000-119500. After a series of consecutive bullish candles, the upward momentum has weakened, followed by a pullback, and the Bollinger Bands have further narrowed, leading the market into a tug-of-war phase between bulls and bears. Currently, there is significant selling pressure above and strong support below, causing the price movement to gradually compress. In the short term, it is highly likely to continue a narrow range of fluctuations without breaking out into a strong one-sided trend, waiting for a directional breakout signal to appear. The strategy remains focused on buying the dips, continuing to be bullish.
Bitcoin:
▶ Pullback to the 118500-118800 range to place long positions
▶ The target is set at the 121000 level
Ethereum:
▶ Chase rising prices in the 3380-3400 area.
▶ Target level around 3520