/#ETHmarket analysis: Weekend rebound + stabilization, can the bullish sentiment continue? Where is the resistance?
Last weekend will be a memorable day in the near future. Driven by some "emotions", the price of Bitcoin launched a charge over the weekend, breaking through the key resistance of the daily line and standing firm. After 33 days, it finally returned to the upper track of the daily Bollinger Band. If the current bulls still have only a 50% chance of continuing, then the subsequent breakthrough of the key position will bring more probability bonuses - the next goal of the bulls is that the price returns to the upper track of the weekly Bollinger Band and returns to the weekly safety zone. In the new week, let's take a look at the support and resistance levels after the adjustment.
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BTC:
Resistance, look at the chart, the short-term price rise was resisted by the weekly MA7 and then fell back. The key resistance position above is near the weekly midline position of 65,350. At the same time, this is another safety zone we mentioned above. If the price breaks through and stabilizes at this position and returns to the weekly Bollinger Band upper safety zone, the probability of the bulls continuing will increase to 80% or even higher.
It should be noted that whether the level around 63,100 can be effectively broken through in the short term is an issue that needs attention in the short term.
Support, prices rose over the weekend, and the daily moving average gradually narrowed the downward range. The multi-level moving averages are currently out of a dense support area around 59,400 in the short term. This position is supported by the daily level midline, MA200, and weekly level, MA30. At present, it is considered a relatively strong support range.
The lower line of the weekly Bollinger Band at 58,000 can serve as a buffer support for declines.
RSI: The daily level quickly soared to 67, and the bullish sentiment was still quite obvious during the weekend and Monday.
ETH：
Resistance, similar to the trend of Bitcoin, the 3400 weekly resistance will be the next breakthrough target, which also affects the possibility of the bulls continuing.
In the short term, pay attention to the resistance brought by the daily level MA120 3360.
Support, 3220-3140, forms a relatively dense support range. If there is a decline, pay attention to the situation at this position, which can be used as an effective reference. I will not elaborate on this here.
RSI: The daily index rose to 55. Ethereum has been stronger than Bitcoin since last week, but the outbreak of bullish sentiment is weaker than Bitcoin, which requires attention.
Summarize:
The current rise has indeed brought more opportunities for bullish sentiment. Last Saturday, we found from statistics that a large amount of US funds flowed into the crypto market, and the Asian market was also good, which brought a good increase. However, I still want to remind everyone that bulls can watch, but don’t be blind. Pay close attention to whether the breakthrough of key positions is effective. If not, you should adjust your strategy or sort out your positions appropriately. Especially for the current market, whether it is a direct reverse breakthrough and continuous rise, or a shock in different ranges, it needs to be distinguished.
#BTC☀ #ETH🔥🔥🔥🔥 $BTC