Hey guys, today we have some extremely good news!
The Bitcoin spot ETF was finally approved by the SEC this morning, which marks a historic change in the cryptocurrency market. This groundbreaking decision will have a profound impact on the status and structure of Bitcoin and other digital assets. For investors who have faith in Bitcoin, this is an unforgettable moment.
At the same time, Ethereum's gains in the previous trading day exceeded those of Bitcoin. As Bitcoin rose sharply, Ethereum launched a strong catch-up rally. This morning, Ethereum even hit a high of 2645. In the process of market development, Lao Lin mentioned in yesterday's article the suggestion of paying attention to the support level below 2355, and provided a timely long-order strategy in the real-time strategy. Considering the possibility of drastic market fluctuations before the official launch of the ETF, as well as the uncertainty caused by possible failure to pass, Lao Lin suggested that everyone set a stop loss, take a small risk for a big gain, and lock in profits for this wave of market.
Regarding the analysis of Ethereum market, especially when Bitcoin has rebounded to the key point of 4.8, there is an unexpectedly strong sentiment to make up for the rise in the market. Yesterday, Ethereum formed a long upper shadow line and a big positive line, and the weekly line broke through the restriction of the upper track, getting rid of the shadow of the previous top divergence. From a technical point of view, although the daily line has a long upper shadow line, the KDJ value is near 100, and the RSI has also entered the overbought area, but combined with the market trend, it is expected to fluctuate and step back to the lower support. The key support level below can be paid attention to around 2555.
On the 4-hour chart, yesterday the market retreated to 2355 at the Fibonacci retracement line of 0.786. After getting support, it successfully broke through the constraints of the rising trend line, and then retreated to 1.618, curbing the rise. It has now fallen below the support of 1.382. Technical indicators show that both KDJ and RSI are near the overbought zone and show signs of turning downward. This makes it critical to pay attention to whether this wave of retreat can stand firm on the upper rail support near 2555. If MACD shows a trend of shrinking volume in the next 4-hour chart, it may continue to fall. In the real-time strategy, a short order suggestion was made near 2605 above in the morning. For short-selling investors, it is recommended to pay attention to the support of 2555 and take profits in batches. If the market shows a short trend, pay attention to the support near 2520-2535 below. However, the market has been bullish recently and the volatility is large. Investors still need to be cautious about chasing shorts.
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