Consolidation Reigns: BTC and ETH Wait for Breakout Direction
Bitcoin and Ethereum are currently in a state of consolidation, trading within specific ranges. On the 4-hour timeframe, Bitcoin has been testing support around $62,300 and rebounding, but multiple attempts to break out above $65,000 have failed. This suggests there's still short-term selling pressure, although support below is also visible.
The market has entered a crucial decision stage: a break above $65,000 would mean the descending trendline is broken, and the price could further test the $65,200-$65,700 area. The current strategy for Bitcoin is to enter long positions near $64,200 or add more near $63,700, targeting $65,200-$65,700.
Ethereum is also following a similar movement as Bitcoin, ranging between $1,880 and $1,900. If the price pulls back and holds above $1,895-$1,885, there's still room for rebound. The trading strategy for Ethereum is to enter long positions at $1,895-$1,885, targeting $1,927-$1,947.
Lao Jin advises traders to look at the big structure on larger timeframes and fine-tune entry points on smaller ones. If the trend is intact, be patient and wait.