Market Review:
The bullish trend in the past two months has already responded in advance to the two major events set to occur this week. After reaching a historical high last week, the market has shown a clear five consecutive downward days, reflecting the 'buy the news, sell the event' trend! The starting point of the previous wave of Lafite has formed the bottom position of last week's decline, and currently, the support effect is quite evident, with Bitcoin stabilizing and rebounding around 67500. The lower threshold for Ethereum has been consistently mentioned around 2400, and this round of decline saw a significant rebound at 2410!
Technical Analysis:
BTC: On the weekly level, last week formed a small bullish candle with a long upper shadow, and this week is expected to attempt to reach new highs again with a second upward probe. On the daily level, there has been a significant rebound, and currently, a large bullish candle has formed, indicating signs of market warming. On the 4-hour level, a slight second probe is starting to rebound near the starting point of the previous wave of Lafite at 67500, with K-line indicating signs of turning. From the larger market trend perspective, the peak position of the bearish trend has already formed, and this week, the focus is on the formation of a high point in the 71500-72000 range. Important intraday resistance to watch is at the 69500-70000 level; if this position is broken, the focus in the next two days will be on the important opportunity near 72000. The lower support is focused on the 68500-68000 level.
ETH: On the weekly level, it has shown two consecutive downward candles. Last week, it surged and then fell, forming a long upper shadow bearish candle. The important support threshold mentioned below around 2400 serves as a crucial defense line for Ethereum, and its performance is quite evident, with the weekly K-line probing the MA90 daily average line for support and rebounding. On the daily level, a small double bottom is forming below, and currently, a bullish candle has emerged. Combining the 4-hour level, there have been multiple downward probes with rebounds, and there are signs of turning upward. If the important resistance at 2530 can be broken and stabilized, the 4-hour K-line trend is expected to form a W shape. Intraday, the focus is first on the resistance at 2500-2530, with the lower support focused on the 2450-2420 level.
Altcoins: Last week, altcoins generally returned to their bottom points, and today there is some warming. In the next two to three days, there are still opportunities for bullish outlooks for altcoins. Conservatively, the potential upward space is about 15%, and everyone can seize this opportunity. For friends in the spot market, the most important thing right now is to escape the peak! Everyone can continue to pay close attention!
The cryptocurrency market is highly volatile; please proceed with caution. This is a personal opinion and should not be taken as advice; it is for sharing purposes only.
