Market review and analysis
BTC's monthly line closed with a small bullish candle yesterday. According to normal trends, the monthly line should first drop this month; we just need to see how much it can decline. ETH has been a bit resistant in the last couple of days, which is compensating for the recent rise of BTC while the altcoins have not followed suit. It seems strong but hasn’t expanded the upward range, not even stabilizing at the resistance level of 2520. So it looks like it’s rising, but in reality, it hasn’t gone up; it’s been fluctuating. Comparatively, if there were to be a follow-up rise, it would have already surpassed 2600. BTC has started to fluctuate recently, with the four-hour and daily charts already showing bearish signals. According to right-side trading principles, a high point for the downturn has appeared. ETH is currently compensating for this round of non-follow-up rise, so it looks strong. When BTC breaks below 106,000 again, ETH will release its pressure. Recently, altcoins have shown a slight rebound from the bottom, but when BTC slightly retraces, altcoins have directly given back all their gains from the last two days. This further indicates that market liquidity is still insufficient. Waiting is the right approach. We are not saying we must wait for very low levels, as ETH has already reached the first target range of 2000-2200. We are just waiting for a more stable bottoming opportunity to layout our strategy, and this month is basically feasible. Check the pinned posts.
Today's perspective and opinion
The BTC market has shown a bearish signal on the four-hour chart. According to the current trend, the support around 106,000 is still somewhat useful. The support level provided yesterday around 106,500 was touched and rebounded, but it did not rise above. Today, we will see if it can directly break below the 106,000 position to open up short-term space down to the 103,000-104,000 range. Currently, the four-hour chart is in a downward channel, with a visible lower boundary around 96,000.
The ETH market has also seen many spikes recently. The resistance level at 2520 has been tested multiple times unsuccessfully. Yesterday, it first reached the support level of 2400-2450 before failing to rebound against resistance. The same goes for today’s daily opening; it briefly tested near 2520 and then began to pull back. This resistance is still quite strong. Once BTC breaks below 106,000, ETH will quickly drop below the 2400 point and return to the 2200-2300 range. The smaller intraday support level can be monitored around 2400.
Don't rush in the market. Don't be complacent about temporary gains, and don't be disheartened by temporary losses.
Be patient and wait for a suitable opportunity. If your mindset is calm, your risks will be low, and your gains will be substantial. Brothers, hold on; we have seen victory once, and the final result will still belong to us.
