Yesterday, BTC continued to rise as expected, breaking through the historical high once again. The direction is clear, with a second confirmation of the trend. It is expected to continue rising, although the 4-hour chart has entered the overbought territory and the trading volume has weakened, indicating a need for consolidation. The daily chart remains strong, with increased volume, and it has successfully moved beyond previous resistance. We are waiting for the 4-hour repair to be completed before expecting further increases. The weekly trend shows some recovery, and we anticipate consolidation and repair within the day. In the longer term, a new round of rising cycles has begun on the weekly chart.
The second cryptocurrency has risen in tandem with BTC, briefly breaking the 3000 mark. The 4-hour chart remains healthy but with decreased volume, requiring some consolidation. The daily chart also remains healthy, with volume beginning to increase. We anticipate consolidation and repair within the day, with altcoins rising alongside mainstream currencies. The altcoin index has shown a slight increase, and most altcoins are experiencing a general rise, though major trends will still depend on liquidity shifts.
Intraday Market Analysis
BTC has entered the overbought zone on the 1-hour and 4-hour charts, with the daily chart also in the overbought area. We expect consolidation and repair within the day, with support at 116000-116500 and resistance at 118000-118500.
ETH has entered the overbought zone on the 1-hour and 4-hour charts, and the daily chart is also in the overbought area. We expect consolidation and repair within the day, with support at 2850-2900 and resistance at 3000-3100.
