2024.12.16 Daily Market Analysis

Review of Last Week's Market and Today's Analysis

The altcoin market tested the support level around 94,500 twice, then entered the Wyckoff accumulation mode, fluctuating back and forth. Many people were shaken to the core. Last night, Brother Niu also indicated the Wyckoff accumulation Phase E and repeatedly emphasized that when Bitcoin rises, Bitcoin rises; when altcoins fall, altcoins fall. If Bitcoin does not absorb blood, how can it reach a new high? It is impossible for Bitcoin to reach a new high while dragging altcoins up; only ETH's supplementary rise can drive altcoins up.

As of now, the market price is around 104,700 for Bitcoin and around 3,950 for Ethereum. It has been fluctuating for a day. Let's see if there are new opportunities when the US stock market opens tonight. Today's operational suggestion is to remain calm.

Intraday Resistance and Support

BTC Resistance 106,600/108,000/110,000

Support 104,000/102,000/100,000

ETH Resistance 4,000/4,080/4,200

Support 3,920/3,880/3,800

Spot Market

Brother Niu has been reminding everyone to reduce their positions or even take a breakeven loss last week. Except for the bottom positions, most can be sold. Today, altcoins have been declining for a day, and most are down, except for a few hot or small-cap coins that are rising.

Today's Spot Recommendations

COS, down by fifty points; if the US stock market gives an opportunity tonight, it should rebound strongly, targeting a first look at 20-30 points.