#ETHmarket interpretation:
Event-driven market, long-short game continues, breakthrough still requires "fire"
This round of market started with the Trump event-driven market. Although it was mixed with the expected rate cut transactions, the sharp drop in US stocks last night still brought some pressure to the crypto market. However, under the pressure, we can also see that the crypto market has gradually walked out of its own "independence" and is more resistant to declines. However, the current BTC price is still in a key position for long-short game, and the market sentiment is slightly cold. At present, a breakthrough still needs to be "fueled".
Bold assumptions, careful analysis, welcome to Uncle Cat’s encrypted “channel”
BTC：
Resistance: The daily MA120 has currently moved to around 65,000, temporarily forming an effective resistance. At the same time, there is weekly resistance of 65,500 above. In the short term, the price will always be in a volatile turnover in this position range.
Support: Near 60,000. The daily Bollinger band middle line and MA200 both move to this position to form an effective downward support. In the short-term decline, pay attention to the support near 64,000 brought by 1 hour and 4 hours.
RSI: The index of 59.7 shows a significant decline compared with yesterday. The index is neutral and there is no need to consider reaching the oversold or overbought mechanism for the time being.
ETH：
Resistance: 4-hour 3520, daily 3600, two positions as rising resistance,
Support: Daily MA120 3360, Bollinger Band support 3230 can provide support for recent large fluctuations
RSI: Index 55, slightly lower than yesterday, sentiment has cooled down, but still maintains a stable attitude. The index is neutral, and it is not considered to reach the overbought or oversold mechanism in the short term.
However, the overall trend of ETH still needs to refer to the trend of BTC. The approval of ETF next week may lead to an independent and relatively large fluctuation in the short term.
Summarize:
Although ETH is trending steadily, the trend of BTC still needs to be referenced before the ETF is passed. Currently, BTC is changing hands at a key position, and the intraday volatility has obviously weakened. The market needs another "fire" to ignite. At present, next week's ETF and Trump's conference will have a direct impact on the market. At the same time, next week's core PCE data will also stimulate the market's interest rate cut expectations. At the same time, the external technology stock financial reports will be released one after another next week, which may also have a certain impact on the market.
Overall, the market will not lack "fire" before the end of the month, that is, there will be no lack of narratives and excitement. As long as BTC holds above the 60,000 daily support this week, it will be fine. This is considering the volatility and decline factors. If there is no sudden event, then it will continue to consolidate around 64,000-65,500, and turnover will be better. We will look at the market data later.
#BTC☀ #ETH🔥🔥🔥🔥 $BTC