This pullback-then-rally was actually already something Lao Chen had expected a few days ago. The breakout of Bitcoin above the prior resistance level is a sure thing, and recently many people have also put forward bullish viewpoints. As long as you pay a little attention to Lao Chen, then grabbing gains from this wave is only natural. In the earlier stage, after the price broke through 79,000, it then fell into a pullback and corrective move. Yesterday’s retest near the 76,504 area stopped there, and in the early hours of today it rebounded again. These repeated pullbacks did not push the bears any further downward; instead, they kept giving room for multiple rebounds to push price higher. Even in the intraday “bujiao” (bracketing/support-resistance matching), it was exactly because of this that momentum was boosted: Bitcoin went long on the lower levels and captured more than 2,000 points, while Ethereum followed suit and took 40 points.

From the current market perspective, the short-term bias has already turned from bearish to bullish and closed green for the day. The near-term trend is also relatively strong, but it has again entered a high-level range-bound consolidation and sorting-out phase. On the daily timeframe, it has already formed a three-day consecutive run of bullish candles. On the daily level, the bulls’ performance is still extremely strong, and the price action remains rather firm. On the 4-hour timeframe, high-level consolidation has kept going; after a single stretch of bearish down-tilting, it can still continue rising and regain ground upward. Even if there is a pullback somewhere in the middle, in terms of space, it’s still within a normal correction range. This localized consolidation-to-correction transition phase, together with the weekly chart’s consecutive bullishness, suggests there is still further room for upside. The short term may have entered a high-level sideways correction stage, along with detours, setbacks, and oscillation. All in all, you’re still in a local adjustment while the market remains in a bullish trend, and it has not turned downward—only the short-term pace has slightly slowed. In terms of trading, today is still mainly about going long.

On Friday morning: Bitcoin 78,000-77,800 can be bought; first watch 79,500 for the short-term target.
Ethereum 2,310-2,290 can be bought; first watch 2,450 for the short-term target.