25/07/20 BTC weekly doji star, ETH has produced a large bullish candle. Is a change in trend imminent next week?
Ethereum continues to rise, currently reaching 3768, very close to the previous high of 4100. The prince's thinking remains the same: the higher it goes, the greater the resistance faced, so chasing the rise is not recommended. Only consider adding positions after a pullback or even a direct breakthrough at 4100. The weekly has closed with a large bullish candle, and we continue to be bullish on the pullback.
The probability of Bitcoin's weekly closing as a doji star is relatively high. The daily has oscillated for six days, and I alerted when there was a spike around 123000. This aligns with what I said about continuous oscillation at high levels. Let's see if it directly breaks through or if there is a false breakdown followed by a rebound.
Bitcoin
Bitcoin closed with a doji star, and since it broke the previous high, the probability of continuing to rise is high. The daily MACD histogram continues to shrink, so watch for it not to cross the zero axis. From the prince's perspective, breaking below support and then rebounding would provide a better opportunity for a stronger move to new highs, with the target still at 135,000.
The 4-hour MACD shows signs of bottom divergence. Let's see how it opens next week. As long as the price stays above 112,000, it can be bullish.
Support: 112000 to 115000
Resistance: 121000 to 123274
Ethereum
The weekly has produced a large bullish candle, just under eight points away from the 4100 resistance level. So, the prince advised against chasing the rise in the last couple of days. We are waiting for a pullback or even a direct breakthrough at 4100 before considering adding positions. This wave has risen 1.7 times since 1383, and it has nearly risen 80% in the last month.
From the daily perspective, there has been a volume-decreasing rise over the last two days. If it drops back below 3674 in the short term, consider reducing positions; otherwise, the uptrend remains.
Support: 3480—3550
Resistance: 4000 to 4100
