Market Review and Analysis
BTC closed yesterday's daily line with a doji and received a bearish candle. Today, there’s a direct rebound to challenge yesterday's high. During this process, ETH has also recovered all of yesterday's losses. The direct closing of yesterday's lower wick ended with a half bearish state. For the market, everyone surely sees hope and feels this market is about to take off, especially with BTC aiming for the 110,000 position. Now, it’s not far from 110,000, just 3000-4000 USD away, while ETH is significantly different. We cleared our positions at the earlier high of over 2700 down to the current lowest of 2300, without any substantial rebound. Especially currently, the altcoin market shows a very weak performance. Looking at the overall situation, only BTC is slightly stronger because it didn’t have a significant drop during the downtrend. However, during the rebound, BTC directly broke new highs, while ETH just returned close to the 2600 position. Such a market situation makes those who are out of positions uncertain about what to do, as they are worried about missing out or fear that this market will just go up. This is also a psychological struggle. Now, looking back to see if the altcoins you cleared have returned to your previous positions, or for ETH, apart from BTC, basically, altcoins are still fluctuating about 10 to nearly 20 percentage points around their earlier highs. ETH is slightly better now, just less than 10 percentage points away from the previous high. Thus, this process takes time; it won't drop to the bottom in one go and allow you to buy in at the bottom and wait for a few days for it to rise. Similarly, if you wait for a day without an increase or have a slight decline, you panic. If you cleared at a high point, as long as it doesn't drop to a position, any slight fluctuation makes you panic about missing out. This is the mentality of everyone in the crypto circle.
Today's Highlights
BTC is revisiting yesterday's high point, which is essentially the initial focus around the 106000-108000 range. This point is roughly what we initially expected for the exit point, which was around the 106000-108000 range and ETH's 2600-2800 range. Now BTC is in high-level consolidation, with many people focusing on 110,000 or higher. Currently, resistance is clearly at this position, while the intra-day support points to watch are in the range of 104000-102500. Pay attention to this position; if it breaks down, then look at the 101000-102000 range. It is crucial to monitor the 100000 level; breaking below it would fully open up the downside space.
ETH has also returned to the position near yesterday's opening drop today, at the four-hour double top position. The lowest point yesterday was 2300, and the initially expected support level was around 2300. However, this wave is not so easily finished, so based on the current market situation, we still need to wait. One can even clearly view it as bearish. The intra-day resistance level is in the range of 2560-2600, while the first line of support below is around 2450. Pay close attention to the intra-day support near 2380.
