Market review analysis
Yesterday, it was mentioned that the market would have a second test and then surge. Both BTC and ETH basically reached the expected second test positions before starting to rebound. BTC exceeded the expected second test position of 1126, hitting a low of 1124, which is over 200 dollars difference, and only started to rebound after hitting a small new low for the day. Even today, the first resistance level reached just above 1145. ETH exactly reached the expected second test position around 4100 before starting the rebound, with the resistance set at 4360. The highest rebound reached 4377, but the market has not yet stabilized and started to rise. Overall, there have been unusual movements in the altcoins; if it's time to enter the market, then do so. The focus remains on DOGE and SOL.
Intraday market interpretation
The BTC market is currently showing weakness. Yesterday, it hit a small new low, and its rebound towards an upward trend appears weak. Today, intraday, we can first pay attention to the support level in the range of 1128-1135. Currently, it has rebounded to the first line of resistance based on yesterday's pullback. Therefore, today we will first look at the strength of the support when it pulls back. If the support is strong and rebounds, we can directly look at the first line of resistance in the 115-116 range by tomorrow. After breaking and stabilizing above 116, the resistance line around 1185 can be directly observed. This resistance line is quite crucial; if it stabilizes above, the market will return to the 120-122 range, moving in a fluctuating trend within the larger range. However, BTC is still in a weak state, so we will first see if the first resistance line will impact the 115-116 range.
The ETH market has currently reached the upper level of 4360, but it has not stabilized at the four-hour level. The ETH trend is clearly stronger than that of BTC. As long as it stabilizes in the range of 4350-4360, we can directly see the range of 4500-4600 above. The intraday support levels can focus on the support in the range of 4200-4250, but due to the performance of BTC, it may not necessarily rebound from the support level and could directly surge after stabilizing at 4350, pushing up to the range of 4450-4500. The focus later will be on whether it can stabilize at around 4600, which is a key resistance line near 1180 of BTC. If it breaks and stabilizes, the ETH trend will directly push to a new historical high.
Recently, there have been unusual movements in the MEME sector of altcoins, which can be a key focus. The SOL chain will also perform, so pay special attention to these two sectors. Therefore, it is still recommended to heavily focus on DOGE and SOL, and lightly focus on JTO and WLD.
