25/08/13 The US Valley set a new historical high, BTC retraced after touching the previous high, Ethereum strongly broke through 4600
CPI released favorable news, CME observes the Federal Reserve, and the probability of a 25 basis point rate cut in September has risen to 91.8%. The NASDAQ in the US stock market has reached a new high, breaking the decline of July 31 and August 1. The S&P 500 is about to reach a new high. Therefore, given the rebound in the US stock market, the crypto market has not completely turned bearish. After a short-term correction, there is still a chance to continue rising. Yesterday, Bitcoin tested the previous high again, retraced to the support of the middle track of the 4-hour Bollinger Bands, and the pressure is still at 121000. Ethereum saw a consolidation on the 4-hour level yesterday, reaching a maximum of 4480.
Bitcoin
Bitcoin rebounded to a maximum of 122450 yesterday, only about 1000 points away from the previous high before retracing. Currently, it is supported by the middle track of the Bollinger Bands on the 4-hour chart, with pressure at 121000 being a key resistance. The probability of breaking through in one go is low, and it is very normal to attempt a breakthrough two to three times according to the normal flow of funds.
From the daily MACD crossing the zero axis, there hasn't been much volume, and the price is under pressure at the lower track of the Bollinger Bands. Here we need to watch the breakthrough situation at 121,000. If it cannot break through, it will still retest the daily Bollinger Bands for a rebound attempt.
Support: 116000 to 118000
Resistance: 121000 to 123300
Ethereum
Ethereum's daily line is climbing along the Bollinger Bands, and temporarily it has not deviated from or recaptured the Bollinger track. It will still try to push higher, but previously it was mentioned that there is some pressure between 4500 and 4800, so small pullbacks should be noted.
The weekly convergence triangle has broken through, so the first target is the previous bull market high of 4868, and the higher target is currently 6700. Let's see it steadily progress step by step. In the historical price movement of Ethereum over the past year or two, each wave has had a stretch of about 80%. If Bitcoin can reach a new high in a very short time, the increase remains quite optimistic.
Support: 4100 to 4330
Resistance: 4868 to 6700
