The midday cryptocurrency prices have been on an upward trend, although the movement is relatively slow. At midday, the Bitcoin price reached a peak of 108,450 but faced resistance. Subsequently, the price retraced again, approaching the early morning starting point. Currently, the Bitcoin price has warmed up and is running around 107,800. Ethereum saw a slight pullback in the morning, and then the price surged strongly, with an intraday high reaching 2,788 before retracting under pressure. Every move of Ethereum refreshes recent highs, and with these highs being continuously refreshed, is the 3,000 mark far off?
From the analysis of the 12-hour to daily time frames, the market shows a round of strong breakout momentum. The price forcefully pierced the resistance of the moving average with a significant bullish candle, creating a breakout pattern that has completely shifted the technical shape to a bullish trend for the 4-hour and lower time frames. Even in the most conservative scenario, it will at least extend the consolidation time above the daily MA250 moving average. It is worth noting that the current moving average system exhibits typical bullish characteristics, which often indicates the continuation of the medium-term trend. In the short-term trends from 1 hour to 4 hours, the candlestick combinations and moving average systems both show positive long signals. Particularly noteworthy is the 4-hour level; although there is a significant divergence between the price and the moving average, indicating a weakening short-term upward momentum, the overall bullish pattern remains unchanged. Ming suggests to continue holding bullish momentum. $BTC $ETH
