Weekend Bitcoin and Ethereum Market Analysis
Bitcoin rose to around 109,000 yesterday afternoon and then consolidated overnight. Today, the market has overall retreated again, confirming the short positions from yesterday afternoon.
Currently, from an hourly perspective, the MACD is below the horizontal line, and the moving averages are diverging downwards, indicating that there is still a risk of a short-term pullback. The market has reached the lower band of the Bollinger Bands; if it continues to retreat, pay attention to the support level at 105,800. As today is the end of the weekend, the market typically experiences fluctuations in the evening. If the price can stabilize above 108,500, it may continue to challenge the 110,000 mark next week.
Ethereum has shown smaller fluctuations, with a slight consolidation and minor ups and downs from yesterday afternoon to this morning. The morning saw some slight movements, but overall it remains within a range of 50 points.
Currently, Ethereum's MACD is gradually weakening on the hourly level, and the RSI moving average is rising, indicating a contest for the price at this time. There is a short-term potential for a rebound, but the divergence trend at the top has not yet ended, and the risk of uncertainty still exists. The Bollinger Bands are narrowing, and on the short-term level, the downside pressure remains. Therefore, it is not ruled out that the main force may continue to break previous lows. In terms of operations, it is suggested to conduct short-term high selling and low buying within a space of 50 points.
On the weekend, BTC is still oscillating within the range of 105,800-109,300, while Ethereum shows signs of a downward shift in the short-term support level. Currently, both markets are near the lower band of the Bollinger Bands; we will observe whether the price can surge above the midline — 108,500/2,430 in the evening. If the pullback trend can be reversed, there is hope to return to last week's peak. Conversely, it will lay more uncertainties and risks for next week. Resistance levels are 109,500/2,600 and support levels are 105,800/2,400.
While a temporary surge is certainly surprising, the prolonged consolidation and pullback are the tests of mentality and endurance. This is why it is always advised to respond calmly and steadily to every market change in the cryptocurrency space.
