Market Review and Analysis
The BTC market today touched the 108 support level and has finally dropped below 110, marking a weak phase for the large coin. Since reaching the historical high of 1245, it has been on a downward trend. The only rebound occurred last Friday, but it lacked continuity, and by the weekend, it had mostly retreated. The recent days' pullback is continuing to reach new lows. The support in the 108-112 range will determine whether this pullback will end the weak market for BTC. ETH performs much better and is not as weak; it rebounded over the weekend and has returned to the 4300-4400 range with the recent pullback, essentially marking a false increase. The quick surge to a new historical high followed by a retreat means we need to watch the current support at 4300, which is aligned with BTC's 108 level. If this position stabilizes, the market will start to rebound again. Although altcoins seem to be dropping, they have merely returned to the gains made over the weekend. Due to a lack of liquidity, they cannot rise much or fall significantly; they are just following the market. There isn't any particularly independent trend. Therefore, for altcoins to have a rally, we must observe BTC's support at the 108-112 range to strengthen market liquidity. If BTC at 108-112 and ETH at 4300 cannot support a rebound and continue to break down, then altcoins won't fare well either, although they won't drop significantly either, at most matching ETH's decline.
Intraday Market Interpretation
BTC's intraday trend has reached the 108 level, so the intraday support has been established. However, from the four-hour chart, we can see that it is about to close a candle. Therefore, during the day, we can watch for a fluctuating rebound. The resistance level to watch first is around 112. If it stabilizes above 112, we can directly look at the range of 115-116 for further movement.
ETH's performance is still stronger than BTC. On an intraday level, we can focus on the four-hour rebound. As long as the 4350 level, which was a previous support, is not completely broken, we can first look for a rebound strength targeting 4500-4600, mainly focusing on the 4600 resistance level. If it stabilizes at 4600 again, the market could surge further. Should it break to new highs, then it would directly aim for a trend above 5000. Hence, the support defense compared to BTC's 108 is quite critical, while for ETH, we should pay special attention to the 4300-4350 range.
