December 16 BTC/ETH Market Analysis
Yesterday in the crypto world, the focus was still on Bitcoin. Bitcoin showed a blood-sucking consolidation maintaining a high position, with most mainstream trends weaker than Bitcoin. Bitcoin is about $1500 away from its previous high, and it feels like it could break the new high at any moment. Sure enough, it broke this morning, but the short-term growth after breaking the high may be limited and will still need to pull back to solidify. This article is merely a personal review and does not constitute any investment advice.
Bitcoin is expected to consolidate around 105,000, with the daily line continuing to rise and break new highs; however, it will not deviate much from the previous high, or rather, there should be a significant pullback before the 27th. $BNB is expected to fluctuate in the range of 700 to 740; overall, it was weak yesterday, and a breakout will require waiting for Bitcoin's consolidation time after the breakthrough. After all, the recent airdrops haven't pushed it up, and there might be a slight decline when the airdrops end. Ethereum $ETH's institutional continued accumulation can still be anticipated, suitable for buying on dips, especially if Bitcoin breaks new highs, which will provide more growth space.
Here are some important news summaries:
1. The Understanding King stated in an interview with CMBC that the U.S. will utilize cryptocurrency to do great things, aiming to become a leader. The Understanding King also mentioned that the U.S. will strive to maintain leadership in the field of artificial intelligence. Regarding whether there will be a Bitcoin strategic reserve similar to oil reserves, the Understanding King said, yes, I believe there will be.
2. U.S. Congressman French Hill (a crypto supporter) defeated three competitors to win the position of Chairman of the Financial Services Committee.
3. The former Prime Minister of Thailand suggested researching the use of Bitcoin and government bond-backed stablecoins in tourist areas.
Returning to today's daily $BTC market analysis, from the K-line perspective, the 1-hour level is rising, the 4-hour level is rising, the 12-hour level is rising, and the daily level is rising, with an intraday resistance level of 107,500 and a support level of 103,000 USD. The overall judgment is that if Bitcoin breaks the high without volume, the increase after breaking the high may not be significant, and there may be a significant pullback. At this time, do not open contracts recklessly to avoid being harvested.
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