"Analysis: Market Trends and Countermeasures on April 23, 2024"
$BTC supports 64500-65000, and the pressure level is 66500-67000.
$ETH supports 3130-3170, and the pressure level is 3250-3300.
If the support is broken:
BTC looks at 61000-62000,
ETH looks at 3000-3050.
If the pressure level is broken:
BTC support changes to 66000-67000,
ETH support changes to 3250-3300.
1. Bitcoin Market Analysis
Similar to Ethereum, Bitcoin has also fluctuated in a specific price range recently. The price struggled around the resistance area of 64,500 to 66,500, showing the market's cautious attitude. Despite the bullish divergence, the price still failed to form an effective breakthrough in this area.
In terms of technical form, Bitcoin's 4-hour time frame shows a potential rising wedge pattern. This pattern may also indicate a bearish trend in the short term. However, the market is always full of uncertainty, and investors should remain vigilant and pay close attention to market dynamics to confirm the breakthrough of support or resistance levels.
In addition to technical patterns, Bitcoin prices may also be affected by other factors, such as the trend of DXY (US dollar index). If DXY continues to rise, this may put some pressure on Bitcoin prices. However, if the pullback continues to fall, then this may bring optimistic signals for Bitcoin and the entire cryptocurrency market.
2. Ethereum Market Analysis
The price of Ethereum has recently fluctuated in the range of 3.2k to 3250. The struggle in this price range shows the market's cautious attitude towards the digital currency. However, if Ethereum can effectively break through the resistance level of 3250 and steadily transform into a new support level, then market confidence may be boosted, driving prices further up. In this case, the next short-term resistance level may be in the range of 3470 to 3530, while the important resistance level is around 3650.
From a technical perspective, Ethereum's 3-hour chart shows an ascending wedge pattern. This pattern is generally considered bearish statistically, suggesting that the market may see a downward breakout. If the price breaks below the support level (around 3170) and closes below it, the market could move further down and retest this level, possibly even turning it into new resistance.
However, it should be emphasized that it is not yet clear.
