Market View

Bitcoin Consolidation, Ethereum Breakthrough

Currently, there is a significant divergence between the movements of Bitcoin and Ethereum. Bitcoin remains in a consolidation phase while Ethereum has independently broken through (driven by continuous buying from BMNR and other coin stocks). Ethereum has now reached a position above 4000, while Bitcoin is still in the range of 116000.

The highs for Ethereum in March and December 2024 are both around 4080, so if it breaks through and holds this position on a daily chart, it will further open up upward space.

Previously, it was thought that if the 4080 level was broken, it would quickly reach 4800. I believe that the current coin stock companies have a strong incentive to push the price upward; only in this way can they achieve a positive feedback loop. There is still selling pressure in the market (although much of the selling pressure in the 4000 range has already been absorbed).

Yesterday, we thought there would be a pullback, but as of today, that has not occurred, and the market continues to rise. However, Bitcoin has not yet broken through, so there is still a possibility of a lower high.

I believe the key position that falsifies the pullback theory is at the 119500 position for Bitcoin. If this position is broken, I will no longer look for a pullback but will continue to chase the rise.

Yesterday, I opened a long position on LINK. After entering at 18.3, it has already risen significantly, and if it continues to come down, I can still enter long.