Current BTC and ETH short-term are severely overbought (RSI is nearing 70+), and the price has risen on declining volume to touch the upper Bollinger Band. This suggests that bullish momentum is insufficient, and a pullback or shakeout is highly likely. The risk-reward ratio for opening a position at the current price is extremely poor!
Treat the market as a ranging phase in the short term, and only take action at the edges of the range!
BTC: Buy on a pullback to 76,500, or try a short above 78,500.
ETH: Buy on a pullback to 2,415, or try a short around 2,530.
After the Fed rate hikes and Japan rate hikes, the market is still unstable and choppy. It also looks like the main players are being very cautious!
When the range ends, the bigger trend remains bearish: for Bitcoin first 72,000, then 69,000.
Treat the market as a ranging phase in the short term, and only take action at the edges of the range!
BTC: Buy on a pullback to 76,500, or try a short above 78,500.
ETH: Buy on a pullback to 2,415, or try a short around 2,530.
After the Fed rate hikes and Japan rate hikes, the market is still unstable and choppy. It also looks like the main players are being very cautious!
When the range ends, the bigger trend remains bearish: for Bitcoin first 72,000, then 69,000.