Life is a marathon with no option to exit midway; every fall is an opportunity to start anew. Grit your teeth and persevere, for the dawn is just ahead. Growth is a path filled with thorns; giving up is the easiest choice, yet it is also the direction that runs counter to dreams. Hold tightly to the sword of faith, cut through the thorns, and bravely move towards your goals. Looking back at the midday market trends, Bitcoin prices surged to 119000 in the early morning, followed by a significant pullback, with the pullback intensity being relatively strong during the night. So far, the lowest retracement has stopped at the low point of 115124. The current market trend is gradually slowing down, oscillating around the bottom. Ethereum is basically following the movements of BTC. After a continuous pullback from above 3700, it reached a daily low of 3574. Our bearish outlook given from the early morning has been fully realized. BTC has gained a total of 2996 points, while Ether has gained a total of 144 points.

From a technical perspective, Bitcoin has entered a low-level consolidation phase after experiencing a significant pullback. The trend structure indicates that the previous deep pullback has broken the prior upward trend. The current price is forming a range consolidation at a low level, with the midpoint of the oscillation gradually narrowing, indicating that both bulls and bears are balancing their game in this area. After continuous release, the bearish momentum has weakened, aligning with the market principle that "there is no market that keeps falling." During the oscillation process, trading volume has shrunk compared to the pullback phase, suggesting that selling pressure has eased and bearish sentiment has faded. If a pattern of low volume stabilization followed by an increase in volume occurs subsequently, it often signals the entry of bullish funds, providing volume support for light long positions. Short-term technical indicators show a golden cross or flat signs in the low area, exiting the oversold range, indicating that the downward momentum is exhausted and there is a demand for a rebound. The upper pressure level of the oscillation range can serve as a short-term target, while the lower support level serves as a stop-loss reference. Overall, the current low-level oscillation is a brewing phase for a trend reversal. After the bearish sentiment recedes, bulls have an opportunity for a phase counterattack. The light long position strategy aligns with short-term indicator signals and fits the market nature that "the market will not continuously move in one direction." Old Chen suggests light long positions on Friday afternoon.

Bitcoin: Long near 115000 Target 118000
Ethereum: Long at 3600-3620 Target 3700 #BTC# #ETH#