Bitcoin reached a peak of 99588, with a pullback of a few hundred points away from 100,000. Last night it tested 97136 and rebounded, hitting an intraday peak of 98564 before pulling back. The 4-hour chart has shown pin bars and a double bullish engulfing pattern. If it breaks down, there is a probability of retesting the previous breakout platform at 93265.
Ethereum reached a peak of around 3500 during its recovery and is currently still below the support level of 3444. If it falls back, it may easily form a secondary high pullback. The GameFi and metaverse sectors such as SAND, MANA, AXS, etc., are leading the gains. The gaming sector is essential in a bull market, while those that have not yet significantly recovered include C98, YGG, PIXEL, COMBO...
Musk confirms that the X platform will launch a remittance function, but the market generally expects that Dogecoin may be included in the payment system. The Polkadot ecosystem tokens continue to rise, with KSM increasing by over 90% in a single day, DOT up 36%, and GLMR up 18.2%.
The president of The ETF Store: Solana ETF is expected to be approved by the end of next year at the latest. On the morning of the 24th, Tether minted an additional 2 billion USDT on Ethereum, which has been authorized but not issued. The total market value of stablecoins has surpassed 190 billion USD, setting a new historical high.
Bitcoin
The 4-hour BOLL contraction indicates an increased probability of a downward trend in the short term. The 4-hour chart has maintained an upward channel and is currently testing the mid-line support. The continuous top divergence on the 4H and 6H charts needs to be monitored to see if it extends to the daily chart. It is important to note that this wave is at least a one-sided trend driven by the daily and weekly charts. At the very least, the continuous top divergence on the daily chart would lead to a significant pullback, which can currently only be seen as a short-term pullback, such as testing the previous high support at 93265 or the lower boundary of the channel.
After breaking the upward channel formed from the ascending triangle in the 4-hour chart, the rebound has not reclaimed. Be cautious of short-term pullback risks due to the RSI and volume-price divergence.
Support: Resistance:
Ethereum
After hitting a new high near 3500, it retraced. After breaking 3444, it fell back with the daily MACD showing divergence. Both RSI and volume-price also show divergence. The 4-hour BOLL turned down, and subsequent rebounds could not create new highs, making the downtrend still unresolved.
Support: Resistance:
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