Technical analysis and trading strategy for BTC/ETH on Friday daytime

Looking back at last night's market situation, BTC dropped from around 103500 all the way down to around 98000, while ETH also declined from around 3510 to the 3150 line. Our short positions also gained a decent amount of space. After the second short hit the bottom, we also reminded about the strong support rebound risk. I don't know if my friends took that into account.

From a technical analysis perspective, although the MACD indicator for BTC on the daily chart remains below the zero line, the candlestick has formed a long lower shadow, intuitively reflecting that the downward momentum has significantly weakened and the selling pressure from bears has diminished. On the hourly level, the RSI indicator is operating around 41, not yet reaching the oversold zone, suggesting that market bearish sentiment is limited, leaving room for subsequent rebounds; at the same time, the hourly chart clearly shows a rebound trend after completing a bottoming process near the 98000 mark, with the lows continually rising, forming a steady upward short-term trend. On-chain data is simultaneously releasing positive signals, with notable capital accumulation signs appearing below 100000, providing solid support for bullish positioning. The ETH movement resonates with BTC, having gained strong support at the 3150 position, and the RSI indicator steadily rises as buying capital gradually enters the market, effectively constructing a short-term support system; the rebound momentum in the future is worth looking forward to.

BTC: You can go long in the range of 98000-99000, looking towards around 102000. It is especially important to note that if the strong support level at 98000 is effectively broken, the next strong support will be around 85000.

ETH: Go long in the 3150-3200 range, targeting around 3350. If you're doing a single today, remember to bring defense; going without defense is like licking blood on a knife's edge! #BTC #ETH #CoinDesk11月报告Gate战绩来袭 #广场发币瓜分千U奖池