April 23 Bitcoin Ethereum Cycle Analysis
Hello everyone, I am Dashan. I focus solely on the trends of mainstream coins, providing daily cycle analysis. In the cryptocurrency world, when some people laugh, others will cry; I hope everyone is in the former group! To my fans and friends, I also wish that everyone can achieve their goals in the crypto space!
Overnight, Bitcoin surged directly; the price has now risen to 940, reaching a high of 94188, breaking through the 940 range. It has currently surpassed the horizontal resistance zone, with yesterday's daily line closing with a solid bullish candle, having very small upper and lower shadows, indicating a state of momentum. Whether this position can hold will depend on today's closing. There is a strong possibility that today will continue with bullish candles. The previous forecast has begun to show momentum, with the bottom already forming, and another attempt to challenge the previous high is very likely. However, if today closes with a bearish candle, as long as it doesn't drop significantly to the lower resistance zone, there’s no need for extensive interpretation; it is likely to continue upward. If it does drop significantly, then this resistance will be very effective. I have made this very clear; in the coming days, we can continue to monitor the market developments.
As for Ethereum, it has also been lifted by Bitcoin, but in terms of overall direction, it is still being pressured by the descending trend line, which means Bitcoin is more bearish. This segment hasn’t shown much strong improvement. Looking at the four-hour chart, the recent level of resistance has been broken, and now the price is testing the conversion of upper support and resistance. There are signs of a four-hour turnaround, but it still needs to break through this descending trend line. The next waiting position should be the upper trend line.
In the cryptocurrency world, it boils down to a battle between retail investors and whales; if you don’t have insider information or first-hand data, you can only get cut!
The article is time-sensitive, the market changes in real-time, and specific actions should be based on actual trading. The above suggestions are for reference only!
Investing involves risk; proceed with caution. #BTC #ETH $BTC $ETH
