Bitcoin's bearish pressure in early morning was brief, but failed to break down effectively on volume. Support at lower levels remains strong, with obvious buy-side support at key levels. The market is in a consolidation range but the center of gravity has shifted upward, indicating bulls haven't left the field and are absorbing selling pressure from above. The trend looks more like a pullback and accumulation pattern, with insufficient follow-through from bears on downside exploration. Lower support is solid, and we should still treat the market as bullish on dips in the short term!
Trading Recommendations: Bitcoin around 70000 - Buy, target around 71500 Ethereum around 2030 - Buy, target around 2100
Midday Market Thoughts
Bitcoin's bearish pressure in early morning was brief, but failed to break down effectively on volume. Support at lower levels remains strong, with obvious buy-side support at key levels. The market is in a consolidation range but the center of gravity has shifted upward, indicating bulls haven't left the field and are absorbing selling pressure from above. The trend looks more like a pullback and accumulation pattern, with insufficient follow-through from bears on downside exploration. Lower support is solid, and we should still treat the market as bullish on dips in the short term!
Trading Recommendations:
Bitcoin around 70000 - Buy, target around 71500
Ethereum around 2030 - Buy, target around 2100