Today's Market Analysis from LBank Derivatives
In the past two days, the BTC market has been primarily focused on bottoming out and consolidating. Currently, the 4-hour chart is at the bottom of a wide-ranging oscillation. This position is in line with the previous support level, indicating a minor rebound is likely. It is recommended to wait for the market to stabilize and avoid trading plans in this area for the time being.
The ETH 4-hour chart continues to show a bearish trend, with the price being suppressed along the upper edge of two lines. It is anticipated that the market will continue to oscillate. The recommended strategy is to short on rebounds, following the trend line and placing stop-loss orders once a breakout occurs.
Notable Altcoins
BSV
The BSV 4-hour chart experienced a surge in volume and a successful breakout of the previous downward channel yesterday. The current market is in an oversold rebound phase. It is advised to enter the market on short-term pullbacks and target a second wave of rebounds. Be sure to take profits in a timely manner, as many positions are locked in at higher prices.
The PEPE 4-hour chart has seen a 65% decline since its listing on Binance. The current position indicates an oversold rebound. The suggested approach is to buy in with a light position at the bottom trend line and go long. Aim for taking profits around 24 and focus on short-term rebounds.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
