Evening Bitcoin Strategy!
The current market is caught in a tug-of-war between bulls and bears, mainly driven by two forces: first, the risk aversion triggered by geopolitical factors (US-Iran conflict); second, the general decline in market risk appetite ahead of key data releases. Everyone is holding their breath, waiting for tonight’s US ADP employment report, which will serve as an important gauge for Fed rate expectations. Due to high uncertainty around the results, market trading remains very cautious, with the overall sentiment in a state of buildup.
From a technical perspective, the directional signals are also lacking. Whether on the 4-hour chart or the daily chart, the Bollinger Bands’ upper and lower bands are both narrowing and flattening, which is a typical sign of range-bound consolidation, clearly indicating that the market currently has no clear direction.
Tonight’s personal suggestion is to watch around 72,000, and for those holding long positions, wait patiently for a pullback! Currently, the range is seen between 68,600 and 65,800! #PI #BTC #ETH