Wednesday midday thoughts

Affected by the US stock market, Bitcoin surged to around 110300 in the early morning, which is basically consistent with the trend I provided last night. Friends holding positions once again successfully captured nearly a thousand points of space.
Although the market showed a downward trend yesterday, this is merely a technical correction and not a trend reversal. If the market continues to rise unilaterally without any pullbacks, the squeezed short sentiment will not be released. Only through moderate adjustments can the pressure be relieved, allowing the market to continue its healthy upward movement. From the daily chart perspective, the Bollinger Bands are nearly parallel and diverging, with two attempts to test the upper band resistance during the midnight session. Although there was no direct breakthrough, it is only a matter of time before a breakthrough occurs. The bullish energy continues to be released, maintaining the bullish outlook for the future market; we can continue to wait for price pullbacks to set up long positions. In the short term, after adjusting at a low level, the cryptocurrency price is steadily rising in an engulfing pattern, with bulls continuing to increase their volume and sufficient momentum remaining, so we can keep our bullish outlook on the retracement.
On Wednesday evening, buy Bitcoin in the range of 109000-108800, focusing on around 111500. Buy Ethereum in the range of 2760-2730, focusing on around 2850.
#BTC