Non-small number chief analyst Kun Cheng: Bitcoin is oscillating and gathering strength, Ethereum needs to be cautious of a pullback after a strong breakout
Bitcoin (BTC):
- Current trend: Wide oscillation at the weekly level, oscillating upward at the daily level, with short-term resistance at $119,000 and support at $117,000; technical patterns indicate potential for further upside.
- Key observation points: If it breaks through the $119,000 resistance, it may further challenge $121,897 (78.6% Fibonacci level); if it stabilizes on support at $117,000, it can be seen as a bullish entry opportunity.
Ethereum (ETH):
- Strong performance: This week, ETH strongly broke through $4,200, reaching a high of $4,305, marking a new high since the end of 2021, with a cumulative increase of over 55% in recent months.
- Pullback risk: Short-term attention is needed on the $4,160 support; if it does not break on a pullback, it is expected to challenge the previous high of $4,868; however, the RSI is close to overbought, necessitating caution for a technical pullback.
Market sentiment:
- Strong short-term capital inflow into ETH, but some analysts warn of short-term overbought risks and suggest buying on dips.
- If BTC stabilizes above $117,000, it may attract more institutional capital inflows, driving a new round of increases.
Operational suggestions:
- BTC: Oscillating in the range of $117,000-$119,000; after breaking through, it can be pursued for long positions.
- ETH: Focus on the $4,160 support; after stabilizing on a pullback, position for long orders with targets of $4,300-$4,500.
Disclaimer: The content of this article is for informational sharing only and does not constitute investment advice. The cryptocurrency market is highly risky and volatile; investment decisions should be made cautiously.
