9.24 Bitcoin and Ethereum Morning Market Analysis and Trading Suggestions

CN
8 hours ago

Morning Analysis: In the short term, Bitcoin has made a strong pullback after reaching the resistance level of 113500 mentioned in my analysis yesterday, and it has not broken below the weekly support area of 110000-108000. On the weekly chart, Bitcoin's price has maintained the upward trend line. Although it is in a pullback phase of an upward trend, the cycle indicators are leaning towards bearish. If this support level cannot be held this week, it is highly likely that the market will test around 106000 next week.

From the 1-hour chart of Ethereum, it shows a clear range-bound oscillation pattern, with the price running between the strong support at 4000 and the resistance at 4220, indicating a lack of clear directional drive in the market. The technical indicators show low volatility and extremely low trading volume, with the moving average system entangled and a horizontal resonance forming near the middle band of the Bollinger Bands, further confirming the current oscillation nature of the market. At the same time, the trading volume is significantly below the average, and the divergence between volume and price indicates insufficient market momentum, making the possibility of a breakout in the short term relatively low. (My personal prediction is that the market will likely provide an opportunity for retail investors to exit, with Ethereum expected to rebound near 4360-4330 for an exit opportunity, and Bitcoin predicted to be in the range of 114600-115500).

Trading Suggestions: For Bitcoin, buy near the pullback at 111700-112000, with a stop loss at 111000, targeting around 113000-113500. If it breaks, look for 114100-114600; if it doesn't break, consider shorting.

For Ethereum, buy near the pullback at 4140-4160, with a stop loss at 4120, targeting around 4230-4250. If it breaks, look for 4300-4330; if it doesn't break, consider shorting.

These strategies are for reference only; please invest cautiously and secure profits. (Follow Dan on WeChat: Ethereum Kai)

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