3.4 Bitcoin and Ethereum Midday Market Analysis

Bitcoin has been fluctuating within a fixed channel these days, pulling back when hitting the upper boundary and rebounding when reaching the lower boundary. Until a clear direction emerges, it’s better to buy low and sell high along the channel boundaries. Previously, strong support appeared at the lower boundary during a pullback, resulting in a large bullish candle. The price did not continue to fall because the hourly lower boundary is gradually rising, indicating a small bullish trend. As long as it doesn’t break below the channel, the bullish structure remains intact.

Currently, Bitcoin is in a narrow range of consolidation, repeatedly testing 68,970 but being pushed back, and not breaking below 67,776 on the downside. In the short term, it’s bouncing within this range. To continue the rebound, a volume breakout above 68,970 is necessary, which could then target the previous high near 70,100. As long as it doesn’t fall below 67,776, there’s no need to rush to bearish views. Only a break below the channel would open the downside space; only a breakout above 68,970 would allow the rebound to continue. On the hourly level, there’s still a chance for a rebound as long as the channel is maintained.

$BTC In terms of trading, a volume breakout above 68,397 suggests going long, with targets at 68,907-69,526. If volume drops below 67,725 and a rebound fails to hold, consider shorting. On the 4-hour chart, a break below 67,656 indicates further downside toward 66,030-64,752. Resistance levels: 68,397, 68,907, 69,526; support levels: 67,689, 66,612, 65,476.

Ethereum shows a weaker trend, with multiple failed attempts to rebound after breaking the bullish trendline. It can’t surpass 1,985 on the upside, and on the downside, it hasn’t broken below the 1,928 neckline, remaining in a consolidation pattern.

$ETH In trading, a volume breakout above 1,966 suggests going long; a break below 1,942 suggests shorting, both with stop-losses in place. If it pulls back and stabilizes at 1,908, consider going long; if it breaks below 1,873, set a stop-loss. As long as it stays above 1,979 on the hourly chart, look for targets at 2,000-2,027. Touching 2,000 could be a light short entry, with a stop-loss at 2,042. Place buy orders at 1,851 and set a stop-loss at 1,818 if it breaks below. Resistance levels: 1,979, 2,000, 2,027; support levels: 1,940, 1,907, 1,860. On the 4-hour chart, a break below 1,957 indicates further downside toward 1,919-1,858.

Overall, both major cryptocurrencies are consolidating within key ranges, with no breakout above resistance or breakdown below support. Operating within the range is more prudent; once volume breaks out, follow the trend accordingly.