Midday Market Analysis
$BTC Bitcoin fell all the way down to support after the US stock market opened yesterday and began to rebound, but the rebound strength was not strong. In the early morning, it did not rebound to the previous high and started to fall again, indicating that there is significant pressure above! By morning, Bitcoin has continued to maintain a slight rise before starting to retreat, indicating that it is currently in a consolidation phase!
From the 4-hour chart analysis, Bitcoin will only continue to rebound if it stabilizes above 105230 today. Pay attention to the pressure levels at 105516 and 106000!
If the 4-hour chart closes without stabilizing above 105230, it indicates that the bears are still strong. Pay attention to the key support level below at 104130; if the pullback breaks below this, look towards 103300!
$ETH Ethereum is significantly stronger compared to Bitcoin. After falling to around 2590 support when the US stock market opened yesterday, it began to rebound and broke through the previous high! It started to pull back to the bottom support in the early morning and began to rebound until it started to retreat at 2633 this morning!
From the 4-hour chart, it will only continue to rise if it stabilizes above 2618 during the pullback.
If the 4-hour chart closes without stabilizing at this position, it proves that the bears are relatively strong. Pay attention to the support at 2590 below during the pullback! If this support is broken, it indicates that the current round of bottom testing has begun, and the market will start a new round of rising due to interest rate cut news!
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