From the depth chart of the Bitcoin contract order book in Figure 1, the current largest buy orders are concentrated in the 114600 area. This means that when the Bitcoin price reaches this position, there will be a large influx of buy orders forming a strong rebound. However, when it will reach this point still needs to be analyzed specifically during trading! In the past two days, the lowest price hit around 116000, mainly due to short-term profit-takers closing their positions, combined with market panic from the selling pressure of ancient whales. The price rebounded to around 120000 last night but faced resistance. Additionally, from the 4-hour candlestick chart, the rebound has not been smooth, with trading volume in the US session being lower than in the Asian and European sessions, and most of it being distribution behavior. Overall, Bitcoin is showing a high-level oscillation pattern in the 116000—120000 range, but as long as it does not actually break below 116000, it is not considered a top formation! The oscillation continues to open up the possibility of further price increases! #ETH突破3000 #山寨季何时到来？
In Figure 2, looking at the depth of the Ethereum contract orders, there are many sell orders in the 3350—3400 range, but the buy orders from 3100 to 3350 are showing an inverted triangle trend. It is well known that there are too many trapped positions in Ethereum, and some buyers may not be willing to hold on any longer, but another group of believers are still willing to persist in buying. It is also possible that the funds flowing out of Bitcoin are supporting the price increase. According to the capital rotation pattern in the cryptocurrency bull market, Ethereum usually lags behind Bitcoin in catching up. Let's hope this time it’s not too early to pop the champagne 🍾, and Ethereum can welcome a decent price increase after digesting the sell orders!!!
In Figure 2, looking at the depth of the Ethereum contract orders, there are many sell orders in the 3350—3400 range, but the buy orders from 3100 to 3350 are showing an inverted triangle trend. It is well known that there are too many trapped positions in Ethereum, and some buyers may not be willing to hold on any longer, but another group of believers are still willing to persist in buying. It is also possible that the funds flowing out of Bitcoin are supporting the price increase. According to the capital rotation pattern in the cryptocurrency bull market, Ethereum usually lags behind Bitcoin in catching up. Let's hope this time it’s not too early to pop the champagne 🍾, and Ethereum can welcome a decent price increase after digesting the sell orders!!!
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