Market review and analysis
BTC's weak performance has been persistent recently, but it still did not fall below the 112 mark yesterday, forming a double support level with the previous 1120 position. The intra-day support level provided yesterday was directly breached, still showing weak performance for BTC. However, the performance of ETH is different; the support level given yesterday was just right. The pullback support level provided in the early hours yesterday was in the range of 4200-4250, with a low of 4204, which has not been breached for a long time. During the day yesterday, it touched around 4250 several times for rebounds and fluctuations, and eventually rebounded from 4204 in the early morning until now, proving that the performance of ETH is still stronger than that of BTC, especially during this rebound phase. During declines, BTC shows weak performance, while ETH shows strong performance during rebounds. The focus in the last two days leading into the weekend is still on whether ETH can stabilize around the 4350-60 level before continuing to attack the upper range of 4500-4600.
Intra-day market interpretation
BTC's market trend is showing weak performance, with double support and rebounds at the 1120 level on the four-hour and daily charts. This position is still quite critical for BTC; as long as it does not break below this level, there will be a good rebound in the subsequent market. However, if it does break, it will revert to the 108-112 range, typically around 108. In the last two days, it has stabilized around 112, and the first level to watch above is the 115-116 range. The key rebound point to focus on afterward is the resistance level around 1185.
ETH's market trend is slightly stronger; it rebounded to 4200 in the past two days. The previously provided support level of 4050 has also reached a nearby position, rebounding to the first resistance level near 4350 before pulling back. Yesterday, the daily chart closed with a small bearish pin bar, and today we will see if it can break yesterday's high. The key focus in the next two days is whether 4350 will truly stabilize, as this will open up the subsequent market. Yesterday reached the intra-day support level, and at least ETH's trend is not as weak. Therefore, there is still upward movement space during the rebound. The first target to focus on is the 4500-4600 range after ETH stabilizes at 4350, with 4600 being the key level for the market to potentially hit a historical new high.
The altcoin market has shown slightly abnormal volatility in the past two days. Mainly, during the pullback of BTC and ETH, altcoins have basically not pulled back, and many have started to counterattack. Although the momentum is not strong, it will gradually strengthen, especially with the recent surge of OKB, which I believe is an opportunity for altcoins, signaling the arrival of a spring market. However, the current altcoin market does not seem to indicate an altcoin season, as liquidity is still poor and the narrative market has not yet arrived. Nevertheless, OKB might drive a good trend in the market, so the focus should still be on the performance of DOGE and SOL, with light positions on WLD and JTO trends.
