LIVEThe recent news about the Bitcoin ETF has triggered market funds to speculate on BTC in advance. It was previously mentioned that as long as the rise of Bitcoin can continue without weakening, other sectors will follow suit, and even trigger a larger decline. Rebound market.
It was previously expected that ETH would retrace the lows of the previous wave on the right and create a trend of inducing shorts when it falsely fell below. However, when it retraced the lows of the previous wave, it stopped falling and started to rebound. Overall, although the trend of inducing shorts did not appear (except for (expected), but the overall larger rebound is as expected (white dotted line). The overall current upward trend is in the intensive holding range. After the overall high-end shock is sorted out, with the high-end shock of Bitcoin, the market outlook will be able to make up for the increase.
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Affected by the fake news, ETH also surged in conjunction with BTC. However, the overall price is still in the downward trend channel. After pushing the pin upward to reach the upper limit of the downward trend channel, it still has not stabilized at the price of 1,600 US dollars. The short-term pressure is around the price of 1,580-1,600 US dollars. Judging from the BTC and ETH exchange rates, ETH has been very weak recently.
According to the previous article, although the short-term trend has been affected by the news in the short term, the view on the daily level remains unchanged. If it cannot effectively break through the pressure level of 1580-1600 US dollars at present, the overall market outlook will be on the right side to test the previous low. With the demand at the price of 1521 US dollars, there is a high probability of a false breakout to induce short selling, and then there will be a rebound and short selling market.