Track real-time hotspots in the cryptocurrency market, seize the best trading opportunities. Today is Wednesday, December 25, 2024.
Overnight, the three major indices collectively rose, with the Nasdaq up 1.35%, returning above 20,000 points; the S&P 500 index rose 1.1%, and the Dow Jones increased by 0.91%. Large tech stocks all rose. The cryptocurrency market rebounded across the board, showing sector rotation in the altcoin market. On Christmas Eve, "Christmas heist"? Perhaps the whales and institutions filtered out the chips in your hands, but the rally has arrived. After a long absence, bullish forces suddenly launched a fierce attack as night fell towards midnight, almost leaving no breathing room for the bears. Bitcoin surged with astonishing trading volume, hitting 99,397 but faced resistance; Ethereum also was not to be outdone, reaching the peak of 3,537 before pausing.
Yesterday, Bitcoin tested around 93,800 multiple times but ultimately could not break below this level. After stabilizing in the evening, a wave of acceleration directly reached near 99,397. From the current trend, after breaking 99,000, the market has started to show signs of stagnation again, touching the previous resistance around 99,500. We will see if it can break through here directly; previously, it also reached this point and then turned down. If it cannot break through, we can also follow the trend directly. From an hourly chart perspective, after a pullback, the market is rising again, focusing on whether it can break through the previous highs again. If it breaks through, we can continue to look for bullish continuation; in the morning, we can mainly focus on low long positions, with high short positions as a supplement.
Ethereum gradually dipped until it stopped at the low point of 3,383, but the bullish strength did not diminish. Instead, it quickly rebounded from the bottom, testing the high of 3,537, and then rose again to recover lost ground, temporarily stabilizing the situation. Currently, the 4-hour chart shows a strong rebound upward based on the middle track, and combined with the bottom rebound space has been largely released. If the 4-hour chart shows a wave pattern of rebound, there will be a conversion to a pullback wave today, which means probing high and retesting. The closing position will determine the continuation of strength today, whether it will probe high and fall low or organize horizontally after probing high for correction and accumulation, determining the short-term strength transition. The current operating range is near the upper track, and the daily line still has the potential for continued breakthrough, so today's operation should still maintain a bullish outlook.