Yueying: 3.1 Bitcoin and Ethereum Market Analysis Today - Long Positions Take Profits, Monthly Closing and Breakout of the Trading Range Imminent?
The strategy outlined above for Bitcoin has yielded good results if followed. Long positions were closed at the current price after the 65000 breakout, with a new long position opened at 63500. The price found support around 63000 and rebounded to around 67730, resulting in a profit of approximately 4000 dollars for the long position. The short position at 67800 was only a few dozen dollars away. Looking at the daily chart, the previous candlestick broke below the lower Bollinger Band and rebounded to close as a bullish candle. Intraday trading saw consolidation around the middle Bollinger Band. The Bollinger Bands are in a narrow, flat range, with short-term moving averages around the middle band. The MACD fast and slow lines are extending upwards, with the volume bars increasing again. The KDJ indicator has turned upwards again, and the VR indicator is consolidating around 55. On the 4-hour chart, the price found support around the lower Bollinger Band and rebounded with consecutive bullish candles, breaking through the moving averages and the middle Bollinger Band. The Bollinger Bands show signs of narrowing, and short-term moving averages are turning upwards. The MACD fast and slow lines broke below the zero line but then crossed upwards, with the volume bars turning red and showing slight volume increase. The KDJ indicator is extending upwards; watch for resistance around 100. The VR indicator is consolidating around 140. Overall, the market continues to trade within a range, and this range structure is expected to continue in the short term. Today is the monthly close, and there's a probability that the monthly candlestick pattern will continue to decline with a lower close. With ongoing geopolitical conflicts and regulatory uncertainties, the market remains highly uncertain, so short-term trading is recommended. Short-term resistance and support levels to watch are the upper trendline on the 4-hour chart and the central area of the range, which is around the 7-period moving average. Bitcoin short-term: Long at 65300, Short at 68700. Ethereum's strategy, as mentioned above, followed Bitcoin's lead. After the current long position was closed, the long position at 1848 found support at 1835 and rebounded, moving within a range of about 130 dollars. Following this strategy also yielded good short-term gains. Overall, the technical analysis is linked to Bitcoin, and the short-term strategy remains to treat it as a range-bound market, waiting for a breakout before adjusting. The monthly close and news events may bring significant short-term volatility. Ethereum short-term: Long at 1915, Short at 2080 (Click the image to see the homepage introduction for more cryptocurrency analysis)