#BTC #ETHmarket analysis: There is a lack of stimulus this week, and the US stock market has led to a drop in cryptocurrencies. This week, I think - stand firm/defend!
Last night's market was still dragged down by the decline of U.S. stocks, which caused BTC's momentum driven by Trump's narrative to be obviously blocked at MA120 and weekly pressure levels. It has failed to break through twice so far. As this week is approaching the weekend, the market has temporarily lost its hot spots. So the only thing the crypto market has to do this week is to stand firm/defend.
Bold assumptions, careful analysis, welcome to Uncle Cat’s encrypted “channel”
Of course, this is just a technical trend. If the price can stabilize above 63,000 and continue to maintain turnover, it will be more optimistic. Especially this weekend, Biden will announce his withdrawal from the nomination, which may once again hype the Trump narrative in the market.
BTC:
Resistance: MA120-65,000 Weekly-65,500
Support, 1 hour 63,400, 4 hours 63,000, daily 60,200 (this position is currently difficult to fall quickly unless there is bad news)
RSI: Index is 58.87, continuing to decline slightly. The market heat has dropped significantly, maintaining a relatively normal value.
ETH：
Resistance: 4-hour 3500, daily 3600,
Support: MA120 3360, daily line 3290 as buffer support,
RSI: Index 55, stable and not changing much, Ethereum sentiment has remained stable this week, waiting for ETF
Summarize:
If we theoretically exclude external narratives from a technical perspective, the current trend alone cannot break through the weekly resistance and will have to follow the correction amplitude of the upper track of the daily Bollinger Band. However, this weekend and next week, the crypto market and macro narratives are beginning to gather momentum, which is a good thing for the future market.
The best outcome is that the U.S. stock market rebounds tonight, driving the crypto market to break through and stabilize above 65,000, ushering in a wave of carnival for the weekend.
In the worst case scenario, as long as it does not fall below 63,000 for the time being, the copycat market will still be active over the weekend, and there are still many narratives to look forward to next week.
Tonight's mission: Breakthrough, this weekend's mission: Defend/Stand firm
#BTC☀ #ETH🔥🔥🔥🔥 $BTC