On 24/12/04, after 44 years, a state of emergency was declared again. Bitcoin continues to undergo continuous wash trading at high levels. How long can the altcoin season last?
South Korean President Yoon Suk-yeol announced a state of emergency last night, stating that the opposition party is manipulating the National Assembly and disrupting the country, and that he will eliminate 'anti-state forces' within South Korea. The opposition party leader Lee Jae-myung claimed that Yoon is no longer president. The state of emergency was lifted six hours after its announcement at 5 a.m. today, marking the first state of emergency in 44 years, compounded by dovish statements from Federal Reserve officials leading to a slight rebound in London gold.
Yesterday, the U.S. government transferred 19,800 BTC, about $1.92 billion, and five hours ago, transferred tens of millions of dollars in ETH, BUSD, and other currencies. Today, related assets in South Korea plummeted, with the won dropping to a two-year low. Therefore, the global situation is inherently unstable, which is favorable for the crypto market, and the price trend will certainly fluctuate wildly.
Bitcoin
Bitcoin has entered a high-level continuous oscillation market. We warned early on that after a one-sided rise, it would shift to a consolidation adjustment. First, reduce trading frequency and observe more while acting less. Second, look for altcoins that are at the bottom without补涨 and prepare to ambush.
The daily MACD fast and slow lines have crossed below the zero axis for several days, but the price has not declined too much. Last night, there was a huge volume in the 4-hour chart, forming a triangular convergence structure. The MACD has a potential bottom divergence expectation. It depends on whether the rebound can effectively face the key pressure levels of 97200—98600; otherwise, it will continue to oscillate and decline.
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Ethereum
Ethereum's rebound is also under pressure, forming a secondary high. As long as the price cannot create a new high, it aligns with the 123 rule indicating a sideways pullback. Therefore, the surge of other altcoins in succession is a late-stage补涨 trend that needs attention. Altcoins should seize short-term market opportunities and take profits in time. Ethereum also shows RSI and MACD divergences that need to be guarded against.
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