Analysis of Bitcoin/Ethereum on 12.7: The fluctuation continues, how to grasp the market
Recently, the price has been fluctuating around 100000, forming a more obvious range of fluctuation.
The MACD on the hourly level is below the zero line but shows signs of convergence, indicating a possible rebound in the short term. The MACD on the daily level remains in positive territory, suggesting a bullish trend in the medium to long term.
From the daily chart of BTC, yesterday it formed a short upper shadow red candlestick, and the overall price remains above the MA5/10 daily moving averages, still viewed as a fluctuation trend. On the weekly chart, it currently shows a doji with both upper and lower shadows; on the 4-hour chart, today’s weekend market slightly retraced to the MA10 daily moving average, pay attention to the intraday opportunities to long if it retraces to the 4-hour MA30 daily moving average (9.78), and first consider going long with the pullback on Saturday.
Bitcoin surged to the first resistance level and then began to retreat, showing relatively weak strength. Currently, special attention should be paid to the support level on the 2-hour chart at 99500.
Support and Resistance:
Support Level: If 99500 does not hold, the lower support levels are 98300 and 97417, with daily support also at 97417.
Resistance Level: The upper resistance level is 100140, breaking this level would mean a small degree of retracement is completed, after which it may continue to push towards higher resistance levels of 101953 and 104568.
From the daily chart of ETH, yesterday the price surged to a peak of 4100, rising to test the previous high resistance level of 4100, while the daily trend is relatively strong. It is expected that 4100 is not the end of the short-term rise and will further break upwards, pay attention to opportunities to long on the pullback to the 4-hour MA10 daily moving average.
Ethereum is currently only experiencing a one-hour level retracement.
Support and Resistance:
Resistance Level: The upper resistance level is 4016, if it closes above and holds this price again, then the one-hour retracement is complete, and it may continue to rise, pay attention to the upper resistance at 4090.
Support Level: If it fails to close above 4016, pay attention to the lower support at 3967, breaking this level would start a retracement on the two-hour level, with lower support levels at 3930 and 3895.
Stay focused on the trend and don’t hesitate; leave professional matters to professionals.
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