Market Review:
In yesterday's research report, it was emphasized to pay attention to the key positions of 69500-70000 during the day. The highest rebound yesterday reached 69500, starting a downward fluctuation on the hourly chart, and it briefly broke below 67000 in the morning! Ethereum rebounded twice and fell back near 2490, and in the morning it even dropped below 2400, testing around 2360. The slow upward channel formed over the past two months has been broken!
Technical Analysis:
BTC: On the daily level, it reached a high of 69500 and then fell back to close with a bearish candle. In the morning, it tested and pierced the daily MA30 moving average support near 67000. At the same time, the daily deviation is relatively high, and the K-line has deviated from the upper 7-day moving average, indicating that the market is due for adjustment in the short term. Looking at the 4-hour chart, the K-line shows significant downward piercing, indicating that the previous upward movement had a clear support effect at the funding cost between 670-675. For intraday operations, pay close attention to the support around the 675-670 positions for a rebound, and the resistance around 688-693 for a pullback.
ETH: On the daily level, there was a high rebound and then a bearish close, breaking below the 2400 point threshold. The overall trend has currently broken the slow upward channel formed over the past two months, with the daily K-line trend continuously declining, maintaining a bearish trend. The next key threshold to watch is around 2300 points. Looking at the 4-hour chart, it pierced down to around 2360 in the morning, returning to the levels seen in early October, and an M-shaped pattern has already formed on the 4-hour line. For intraday operations, look for a rebound during the Asian session, with key resistance at 2440-2460, and for the European and American session, look for a pullback with key support at 2360-2340.
Altcoins: Given the recent active performance of 'Old Ma', the series of coins related to 'Old Ma' have reacted strongly, with Dogecoin leading the charge yesterday, followed by a stronger performance from Mask, with a maximum increase of over 12%. Today's rebound is also quite strong, about to pierce up and close bullish! Currently, the overall performance of altcoins still has opportunities for speculation, as the significant drop in the evening has basically been recovered in the morning. We hope the market can warm up in the coming days. If the market shows further performance, there will be no reason to continue waiting!
The cryptocurrency market is highly volatile; proceed with caution when entering, this is a personal opinion, not advice, for sharing only.
