Good afternoon, everyone!
Let’s take a moment to examine the overall market trend,
particularly Bitcoin (BTC), and I’ll follow up with a detailed
analysis of potential long and short positions shortly.
Looking at BTC from the volume and price perspective,
yesterday's surge didn’t meet expectations. The trading volume was still far less than half of the initial pin bar and even lower
compared to the second pin bar. The daily chart reflects three
candlesticks with minimal volume and price action, signaling
that BTC hasn't yet seen a decisive trend reversal. The doji
candlestick pattern observed suggests a lack of momentum,
indicating a period of indecision in the market with neither
significant bullish nor bearish movement. For those considering
long positions in spot trading or bottom-fishing, it’s essential to assess this carefully.
As for Ethereum (ETH), it’s crucial to watch closely as it has
clearly breached the previous upward trendline around the
30XX level. ETH will likely need time to consolidate and stabilize before it can recover to higher levels.
So, when can we expect a strong BTC reversal? If, in the coming week, BTC manages a second test of the current low without
breaking it, and the price surpasses this week's high, we could
see a low-level isolated pivot point form, as described in Wyck
off theory. This would open up the possibility of BTC testing the 995 mark once again, presenting an interesting opportunity to
watch.
#BTC #ETH #CryptoAnalysis #MarketTrends