On 24/12/23, BTC's weekly line has one bearish engulfing pattern swallowing three bullish candles. The key point is the support at 90,000; pay attention to the potential false breakdown and return!
The weekly closing line has one bearish engulfing pattern swallowing three bullish candles. Currently, it relies on the support at the pin near 90000. The bottom pin at 92232 on the 20th is likely to break down, creating a lower low. The bullish support near 90000 will be shattered, and after continuing to make new lows, watch for a potential false breakdown and return. Essentially, this is replicating the pattern from 2023 when it surged to 49000. We warned of such a scenario one or two months ago, and the current movement aligns with expectations.
After Ethereum broke below 2800 and returned, it is still in a weekly box pattern. Last week's drop was significant, and a pullback to the support near the weekly MA20 and MA60 before rebounding cannot be ruled out. If the daily line rebounds to 3550 and does not recover, it will continue to test the support near the pin at 3100.
Bitcoin
As of the writing, the daily line has dropped to 93771. After the pin, the bearish rebound strength is too weak, and there is a possibility of continuing to make new lows. Watch whether BOLL can produce a short-term rebound near 90000.
The 4-hour ascending channel has broken down and has not recovered. On the 21st, I reminded that if the ascending channel does not recover, the downtrend has not stopped. MACD and RSI are still bearish, and it is currently moving through a descending channel; watch for further breakdown.
Support:
Pressure:
Ethereum
After Ethereum's daily line pinned below MA60 and rebounded, it has again broken below MA60, and there is also a risk of breaking the pin's bottom and pulling back to the support near MA120.
Pulling back to the Fibonacci 0.5 level of this ascent, if the support is not held, there is a possibility of pulling back to the 0.618-0.786 area.
Support:
Pressure:
In the altcoin sector: HBAR is still oscillating within a triangle, with strong support due to ETF expectations. The decline is not significant, and further rebounds can be observed.
LPT and BADGER experienced significant declines initially but rebounded relatively quickly. Both have potential for further rebounds after recovering from previous lows.
