Share the current market analysis.
Weekly:
Last week's closing formed a star candlestick with slightly stronger volume comparison and upper and lower shadows, indicating fierce competition between bulls and bears. There is no obvious pattern here, and it is relatively close to the lower support zone of 89865, so observe if there are any significant signs of a bottoming out in this zone during this week.
Daily:
On February 3rd, there was a rapid spike in the market, resulting in a strong bullish engulfing candlestick, which means the market has stopped falling. The subsequent phase is a consolidation after the bottoming out, and this morning's close was a doji, indicating a balanced market. Currently, the price is above the recent downward trendline and above the long-term upward trendline. Additionally, the comparison of buying and selling volume in the consolidation zone shows that the bearish volume is gradually weakening while the bullish volume is beginning to show signs of strengthening. However, there has not yet been a second significant sign of a bottoming out, so observe subsequent closes to increase the basis for judgment.
Summary:
The background of the weekly level is in the mid-stage of a bull market. This wave of the bull market has previously emphasized a slow bull, so the cycle will be relatively long. Currently, it is in a consolidation phase after a wave of upward trend, and there has not yet been a significant sign of a bottoming out, so observe if it appears this week.
The daily level is in a consolidation phase after the end of an upward trend, currently still within the upward trend. The details given by the consolidation zone indicate that the probability of a continuation pattern is stronger than that of a reversal pattern, and it is above the trendline, so the market has not turned bad, awaiting clearer bottoming out signals.
The Ethereum Prague upgrade time has been set, with the testnet upgrade on March 6 and the mainnet upgrade on April 8. Looking at Ethereum's candlestick, the weekly close formed a strong volume bearish hammer candlestick, which is a bottoming signal, and it has not broken below the long-term upward trendline, pulling back to the neck level of the weekly candlestick. Therefore, overall, it is still within a controllable range. Currently, it is in a consolidation phase for accumulation after a wave of downward trend. Next, we can observe the details within the consolidation zone. The altcoin market has shown severe differentiation, with many weak coins starting a new trend cycle. However, since the direction of the overall market has not changed, it is likely still in a washout process, and coins with narratives in the later stages are expected to perform well.
