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BTC has dropped significantly in the past hour, and there has been no spike or stabilization yet. Don't rush to catch the falling knife. Support below at 92520, near 90500.
Altcoins,
eth, below 3300 - 3085 - 2810 in batches
sol, 185, 175, 165
doge, 0.28 - 0.22
sui, 4.0, 3.5, 2.9
uni, 13, 12, 9
link, 20, 18, 16
ena, 0.88, 0.65
LTC, 100, 90
cow, 0.9, 0.8, 0.65
Altcoins,
eth, below 3300 - 3085 - 2810 in batches
sol, 185, 175, 165
doge, 0.28 - 0.22
sui, 4.0, 3.5, 2.9
uni, 13, 12, 9
link, 20, 18, 16
ena, 0.88, 0.65
LTC, 100, 90
cow, 0.9, 0.8, 0.65
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Can Trump reach new heights after taking office? My personal view is that the short-term prospects for Bitcoin are not very optimistic. Although the Federal Reserve has cut interest rates by 25 basis points, Powell's hawkish remarks have directly suppressed expectations for rate cuts in 2025. Now the Federal Reserve's inflation target has been postponed to 2027, which means that after Trump takes office, inflation uncertainty will increase, and market risks will rise. The appreciation of the dollar and the trend of global currency contraction may put significant pressure on Bitcoin. The market has mostly priced in the dull period of Christmas and the end of the fiscal year. Influential figures in the industry also predict that Bitcoin may experience a sharp decline before and after Trump's inauguration. A rebound will come later, with a high probability of oscillating in the range of 115,000 to 86,000 in the short term. After March, Bitcoin will oscillate in the range of 50,000 to 70,000, with no significant breakthroughs. In the short term, Bitcoin will be volatile, but in the long term, it will either plummet or wait for a black swan event to break through. The risk of chasing gains now is very high, so staying calm and managing risk is the wise choice. Everyone is welcome to share your views.
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When watching the market has become an instinct, can one achieve long-term profits?
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Tomorrow, on Friday, Japan will hold an interest rate hike meeting. Last time, the cryptocurrency market experienced significant turbulence during the rate hike; this time, the market is also expected to be unsettled. There are already signs of capital seeking refuge, investors are panicking and waiting, large players have not entered the market to buy the dip, prices are fluctuating downward, and many retail investors are exiting due to panic arbitrage.
For those who are cautious, it is advised to hold back and not participate in contract trading; if you want to operate, you can take small positions for short-term trades, and do not blindly hold long positions to avoid extreme market risks.
Regarding Bitcoin, pay attention to the support levels at 101000 and 100500. The main strategy is to short when the market rebounds to 103500 and 104000, as this area is under pressure from the 4-hour middle band.
As for Ethereum, pay attention to the support levels at 3180 and 3150. If the price reaches 3320 and 3350, you can short, as this area is also under pressure from the 4-hour Bollinger middle band.
For those who are cautious, it is advised to hold back and not participate in contract trading; if you want to operate, you can take small positions for short-term trades, and do not blindly hold long positions to avoid extreme market risks.
Regarding Bitcoin, pay attention to the support levels at 101000 and 100500. The main strategy is to short when the market rebounds to 103500 and 104000, as this area is under pressure from the 4-hour middle band.
As for Ethereum, pay attention to the support levels at 3180 and 3150. If the price reaches 3320 and 3350, you can short, as this area is also under pressure from the 4-hour Bollinger middle band.
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Aren't these factors a significant boon laid out right before our eyes? Each one seems like a super fuel loading into this rocket called the market, everything is ready, just waiting for a takeoff. However, the market's temperament has always been difficult to grasp, and one fears that before it truly takes off, there might be an unexpected waterfall crash that leaves everyone who was eagerly anticipating it feeling completely chilled.
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Attention! Before the New Year, the financial market may witness the last 'black swan' - a rate hike by the Japanese yen! It is predicted that Japan is very likely to raise interest rates by 25 basis points this Friday. Once the rate hike is implemented, the yen/USD exchange rate is expected to break the upward trend line, leading to significant appreciation.
Additionally, if the price of Bitcoin rises above 110,000, coupled with the appearance of a bearish shark pattern and factors like the yen rate hike, the price of Bitcoin may at least drop by 10,000 points. This is not alarmism; everyone must closely monitor market dynamics and prepare for risk in advance. Unless Japan does not raise interest rates, but given the current situation, this possibility is extremely low.
Additionally, if the price of Bitcoin rises above 110,000, coupled with the appearance of a bearish shark pattern and factors like the yen rate hike, the price of Bitcoin may at least drop by 10,000 points. This is not alarmism; everyone must closely monitor market dynamics and prepare for risk in advance. Unless Japan does not raise interest rates, but given the current situation, this possibility is extremely low.
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If you do not plan to participate in short operations tonight, considering the large market fluctuations, it is recommended to ambush low and long below. If the price drops rapidly (pin-pointing), it is possible to receive a good low point; if there is no pin-pointing, you need to wait for further price confirmation. If the expected position is not reached at this time, you can wait until the daily K-line closes tomorrow before making a decision.
The market has been volatile recently and the risk is high, so you should be more cautious in operation. For Bitcoin, you can set low and long entry points near 100,000 and 97,500; for Ethereum, you can focus on the two support levels of 3200 and 3150 to ambush low and long. Stay flexible and be ready to adjust your strategy at any time to avoid blindly chasing up or selling down.
The market has been volatile recently and the risk is high, so you should be more cautious in operation. For Bitcoin, you can set low and long entry points near 100,000 and 97,500; for Ethereum, you can focus on the two support levels of 3200 and 3150 to ambush low and long. Stay flexible and be ready to adjust your strategy at any time to avoid blindly chasing up or selling down.
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At the one-hour level, the evening star pattern usually appears in an upward trend, which means that the price may be about to peak. This pattern is usually a strong bearish signal, indicating that the market may reverse, so it is a clear sell signal.
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Currently, there are opportunities for short orders near 104,000 for Bitcoin and 3,320 for Ethereum, but due to the large market volatility, special caution is required when operating. First of all, it is key to maintain a light position operation, so as to leave room for future replenishment and ensure the response to possible reverse fluctuations. At the same time, a strict stop-loss strategy is crucial. Once the market trend does not meet expectations, stop losses in time to prevent losses from expanding.
For investors who do not want to take the risk of short orders, they can choose to wait and see, and consider ambush long orders at low levels after the market pulls back to the support level. In this way, the risk of high short orders is avoided, and at the same time, when the market pulls back, you can enter the market at a lower price to obtain better profit margins.
In general, the current strategy should be to respond flexibly, adjust positions according to market trends, and maintain risk control at the same time. Steady operations are still the most important.
For investors who do not want to take the risk of short orders, they can choose to wait and see, and consider ambush long orders at low levels after the market pulls back to the support level. In this way, the risk of high short orders is avoided, and at the same time, when the market pulls back, you can enter the market at a lower price to obtain better profit margins.
In general, the current strategy should be to respond flexibly, adjust positions according to market trends, and maintain risk control at the same time. Steady operations are still the most important.
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The Trump family recently increased their holdings of Ethereum at an average price of about $3,311, a move that has undoubtedly attracted market attention. Trump's actions often send signals to the market, but it is worth noting that most of the positive factors in the current market have been digested in advance, which may lead to a correction or decline in the market in the short term.
With this in mind, mainstream cryptocurrencies such as Bitcoin and Ethereum may experience some adjustments in the short term. But in the long run, Ethereum is still an asset worth paying attention to. If you can buy low when the price of Ethereum falls, you can enjoy the dividends of future increases. In other words, as long as you can enter the market at a lower price than the Trump family, the long-term value and potential of Ethereum can still bring considerable returns.
From an investment perspective, the current market may enter a volatile phase, and there is a risk of a correction in the short term, but for patient investors, the subsequent lows may be a good entry opportunity
With this in mind, mainstream cryptocurrencies such as Bitcoin and Ethereum may experience some adjustments in the short term. But in the long run, Ethereum is still an asset worth paying attention to. If you can buy low when the price of Ethereum falls, you can enjoy the dividends of future increases. In other words, as long as you can enter the market at a lower price than the Trump family, the long-term value and potential of Ethereum can still bring considerable returns.
From an investment perspective, the current market may enter a volatile phase, and there is a risk of a correction in the short term, but for patient investors, the subsequent lows may be a good entry opportunity
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What do you think of Japan's interest rate hike on the 24th?
The last time Japan raised interest rates was in July 2023, when the Bank of Japan announced a 0.25% rate hike, the first rate hike since 2007. The decision to raise interest rates was mainly to cope with domestic inflationary pressures and the need for economic recovery in Japan.
Regarding Bitcoin's reaction, although the interest rate hike itself triggered fluctuations in the yen, Bitcoin did not fall sharply due to Japan's interest rate hike. In fact, the overall price fluctuations of Bitcoin in July 2023 were more complicated. In addition to the interest rate hike factor, there were other macroeconomic factors and market sentiment.
In the days after Japan announced the interest rate hike, Bitcoin did not fall particularly sharply. For example, in the last few days of July, the price of Bitcoin remained basically around $30,000. Of course, the overall trend of the market is also affected by other factors, such as the monetary policies of other central banks around the world, US economic data, inflation expectations, etc.
The last time Japan raised interest rates was in July 2023, when the Bank of Japan announced a 0.25% rate hike, the first rate hike since 2007. The decision to raise interest rates was mainly to cope with domestic inflationary pressures and the need for economic recovery in Japan.
Regarding Bitcoin's reaction, although the interest rate hike itself triggered fluctuations in the yen, Bitcoin did not fall sharply due to Japan's interest rate hike. In fact, the overall price fluctuations of Bitcoin in July 2023 were more complicated. In addition to the interest rate hike factor, there were other macroeconomic factors and market sentiment.
In the days after Japan announced the interest rate hike, Bitcoin did not fall particularly sharply. For example, in the last few days of July, the price of Bitcoin remained basically around $30,000. Of course, the overall trend of the market is also affected by other factors, such as the monetary policies of other central banks around the world, US economic data, inflation expectations, etc.
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Trump did not mention cryptocurrency on his inauguration day, which may have caused some panic in the market, but there is no need for excessive concern. Any rational person would understand that, given the market's instability, he is unlikely to immediately announce disruptive reform measures. It is more likely that further actions will be taken only after key figures related to cryptocurrency are in office. Therefore, everyone can pay attention to developments after 11 PM on the 23rd. If Trump takes office smoothly, there are no large-scale protests, and the relevant nominees in the cryptocurrency sector are successfully appointed, this will be a positive sign for the market.
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This wave of market activity is indeed a bit dramatic. After a deep V reversal and a rise, there was another wave of sell-off, leading to significant fluctuations in market sentiment. From a technical perspective, the violent fluctuations in the short term seem to be clearing floating long positions, causing some turbulence in the market. However, overall, the trend remains unchanged, and we still have a positive outlook for future price increases.
1. Short-term turbulence clearance: The market's sell-off and pullback are actually clearing long floating positions. Although this adjustment is violent, it also lays the foundation for future rises. If it can effectively support within a certain price range (such as around 99800, 98000, 96600), it may create new buying opportunities.
2. Importance of support levels: The 98000 and 96600 positions are very critical. If these support levels can be effectively maintained, the likelihood of a continued upward breakthrough in the market will be greater. If the support breaks, it may be necessary to reassess the pace of the rise.
3. Adjustment of target positions: The 110000 level currently does not appear to be a peak, but rather a possible mid-term target. If the short-term support is effective, the targets for the future may gradually expand, with a focus on whether it can break through higher key price levels.
4. Strategy adjustment: For future operations, consider gradually positioning long orders in the aforementioned support range, flexibly adjusting positions to control risks. If a pullback occurs, be prepared for stop-losses to prevent significant declines after breaking the support level.
Overall, although short-term fluctuations are significant, the broader trend still leans towards bullish.
1. Short-term turbulence clearance: The market's sell-off and pullback are actually clearing long floating positions. Although this adjustment is violent, it also lays the foundation for future rises. If it can effectively support within a certain price range (such as around 99800, 98000, 96600), it may create new buying opportunities.
2. Importance of support levels: The 98000 and 96600 positions are very critical. If these support levels can be effectively maintained, the likelihood of a continued upward breakthrough in the market will be greater. If the support breaks, it may be necessary to reassess the pace of the rise.
3. Adjustment of target positions: The 110000 level currently does not appear to be a peak, but rather a possible mid-term target. If the short-term support is effective, the targets for the future may gradually expand, with a focus on whether it can break through higher key price levels.
4. Strategy adjustment: For future operations, consider gradually positioning long orders in the aforementioned support range, flexibly adjusting positions to control risks. If a pullback occurs, be prepared for stop-losses to prevent significant declines after breaking the support level.
Overall, although short-term fluctuations are significant, the broader trend still leans towards bullish.
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With the inauguration of new President Trump, the SEC is expected to have a new chairman, and the current chairman Gary Gensler will leave office, and the market expects a major change in the direction of regulatory relaxation. This shift may usher in a new era for digital assets and promote their development in all aspects. Despite the possible announcement of Bitcoin reserves, the price of BTC has not fluctuated significantly.
The price of Bitcoin has broken through a new high, which shows that investors are more concerned about its long-term prospects rather than short-term profits. Currently, BTC has entered the profit-taking phase, but this is likely just the beginning.
Before entering the discovery phase, the price of BTC has reached the last resistance level, which is the neckline of the "W-shaped" or double bottom pattern. The current super trend has turned bullish, which means there is more room for further upside. In addition, the RSI is also approaching the upper limit. Once it enters the overbought area, the price of Bitcoin is expected to reach around 115,000.
The price may retrace slightly, falling in the range of 108,000 to 110,000, which was originally a resistance level and has now turned into a support level, but this retracement may last for a short time. However, the market frenzy caused by Trump and Melania's coin issuance is considered to be a factor that causes market fluctuations. Therefore, it is expected that there will be major changes in the market in the next few days, but it is difficult to determine whether the rise in Bitcoin prices can continue.
The price of Bitcoin has broken through a new high, which shows that investors are more concerned about its long-term prospects rather than short-term profits. Currently, BTC has entered the profit-taking phase, but this is likely just the beginning.
Before entering the discovery phase, the price of BTC has reached the last resistance level, which is the neckline of the "W-shaped" or double bottom pattern. The current super trend has turned bullish, which means there is more room for further upside. In addition, the RSI is also approaching the upper limit. Once it enters the overbought area, the price of Bitcoin is expected to reach around 115,000.
The price may retrace slightly, falling in the range of 108,000 to 110,000, which was originally a resistance level and has now turned into a support level, but this retracement may last for a short time. However, the market frenzy caused by Trump and Melania's coin issuance is considered to be a factor that causes market fluctuations. Therefore, it is expected that there will be major changes in the market in the next few days, but it is difficult to determine whether the rise in Bitcoin prices can continue.
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Today Trump will be inaugurated at the White House; however, the currency price experienced a pullback in the early morning. Nevertheless, this sharp decline is actually a common washout market, which may provide investors with a better opportunity to buy the dip.
From a technical perspective, on the four-hour chart, the price found support near the lower band and did not continue to break the downward trend. On the daily chart, the price didn't even touch the middle band support of the Bollinger Bands and is still operating in the upper band range. Overall, the market trend remains bullish. Support is at 98000.
From a technical perspective, on the four-hour chart, the price found support near the lower band and did not continue to break the downward trend. On the daily chart, the price didn't even touch the middle band support of the Bollinger Bands and is still operating in the upper band range. Overall, the market trend remains bullish. Support is at 98000.
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The current price of TRUMP token is about $67. According to the group members’ holdings, if you want to cross the class, the target price of TRUMP is as follows:
• Reaching $118: Surpassing the richest man in the village
• Reaching $145: Surpassing the richest man in the town
• Reaching $203: Surpassing the richest man in the county
• Reaching $225: Surpassing the richest man in the city
• Reaching $270: Becoming a big shot in the provincial capital
• Reaching $118: Surpassing the richest man in the village
• Reaching $145: Surpassing the richest man in the town
• Reaching $203: Surpassing the richest man in the county
• Reaching $225: Surpassing the richest man in the city
• Reaching $270: Becoming a big shot in the provincial capital
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Dear family, new opportunities in the cryptocurrency world have arrived! These coins may experience a rise of over 50%!
Recently, the increase in Sol and XRP has been astonishing, but can they continue to rise? Next, which coin might become the next breakout point? What will be the future trend of Bitcoin? Let's analyze it together!
First, let's look at a major piece of news: Reuters reported that insiders revealed that the new SEC leadership appointed by Trump plans to carry out cryptocurrency reforms, which are expected to start as early as the first week after Trump takes office, and will review some cryptocurrency cases currently being handled by the courts. This news is favorable for certain sectors of coins and may trigger a new surge.
First, talking about Ripple (XRP), the price fluctuations of this coin are almost entirely tied to the outcome of the SEC lawsuit. Whenever there is favorable news regarding the lawsuit, XRP's price typically sees a surge. Currently, it seems that the popularity of XRP may last until January 20, and similarly, ADA and Solana, which are also viewed as 'Made in America' concepts, have good market attention as well.
However, from a long-term investment perspective, XRP has already risen significantly, and it is advisable to wait until the price experiences a deeper correction before considering entry.
Apart from the lawsuit itself, I believe the biggest favorable factor after the new SEC chairman takes office may be ETFs. Projects like Sol, XRP, and ADA, which are made in America and favored by American capital, are all likely to receive ETF approvals. Among these projects, Solana may have a higher probability of success because it has a larger user base and is more decentralized.
What is even more noteworthy may be the already approved Ethereum ETF, which is very likely to introduce staking features, further increasing its yield. This change could attract a large influx of funds, especially with the push from Wall Street asset management giants like BlackRock, who are likely to submit relevant applications within a few weeks after the new SEC chairman takes office. If all goes smoothly, the price of Ethereum could potentially skyrocket by 20%. Clearly, seizing such opportunities requires preparation in advance.
Recently, the increase in Sol and XRP has been astonishing, but can they continue to rise? Next, which coin might become the next breakout point? What will be the future trend of Bitcoin? Let's analyze it together!
First, let's look at a major piece of news: Reuters reported that insiders revealed that the new SEC leadership appointed by Trump plans to carry out cryptocurrency reforms, which are expected to start as early as the first week after Trump takes office, and will review some cryptocurrency cases currently being handled by the courts. This news is favorable for certain sectors of coins and may trigger a new surge.
First, talking about Ripple (XRP), the price fluctuations of this coin are almost entirely tied to the outcome of the SEC lawsuit. Whenever there is favorable news regarding the lawsuit, XRP's price typically sees a surge. Currently, it seems that the popularity of XRP may last until January 20, and similarly, ADA and Solana, which are also viewed as 'Made in America' concepts, have good market attention as well.
However, from a long-term investment perspective, XRP has already risen significantly, and it is advisable to wait until the price experiences a deeper correction before considering entry.
Apart from the lawsuit itself, I believe the biggest favorable factor after the new SEC chairman takes office may be ETFs. Projects like Sol, XRP, and ADA, which are made in America and favored by American capital, are all likely to receive ETF approvals. Among these projects, Solana may have a higher probability of success because it has a larger user base and is more decentralized.
What is even more noteworthy may be the already approved Ethereum ETF, which is very likely to introduce staking features, further increasing its yield. This change could attract a large influx of funds, especially with the push from Wall Street asset management giants like BlackRock, who are likely to submit relevant applications within a few weeks after the new SEC chairman takes office. If all goes smoothly, the price of Ethereum could potentially skyrocket by 20%. Clearly, seizing such opportunities requires preparation in advance.
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ETH holds the chips firmly, SOL target is 1000, DOG target is 1 dollar
Trend Line Analysis
The main downtrend line is drawn in the chart, and the position of 3525 represents multiple resistance levels: the main downtrend line resistance, the top resistance of the range, and the right shoulder resistance. This indicates that when the price rises to this level, it may face significant resistance, being influenced by the trend line pressure, the pressure from the top of the range, and the resistance from the right shoulder of the head and shoulders pattern.
Pattern Analysis
The chart presents a head and shoulders pattern, including the head, left shoulder, and right shoulder. The head and shoulders pattern is a common reversal pattern in technical analysis, and if this pattern is fully formed, it may indicate a reversal in price trend. However, it is still in the process of formation and has not yet been fully confirmed.
Range Analysis
The range of 3200 - 3525 is marked as a consolidation area for accumulation. Within this range, the price fluctuates up and down, which may indicate that the market is collecting and consolidating chips. When the price oscillates within this range, the forces of bulls and bears are relatively balanced, and a clear trend direction has not yet formed.
Support Level Analysis
3220 is marked as the support level at the bottom of the range, and it is also the support level for the inverse right shoulder. This means that when the price falls to this level, it may receive some support, preventing further declines in price.
Entry Position Analysis
The chart provides entry position recommendations for the range of 3270 - 3230. This is based on the assessment of support levels and the current price trend, suggesting that when the price pulls back to this range, it is a potential buying opportunity, as this range is close to the support level and has a high probability of gaining support and rebounding.
Overall Summary
From a technical perspective, the author believes that even without the influence of the Sol chain and other factors, the pullback in ETH prices is inevitable due to the multiple resistance at 3525. The current pullback is a normal phenomenon, and there is no need for panic. It is also pointed out that any cryptocurrency needs time to break out of chart patterns, and the current brief pullback is for a more vigorous upward movement later. The current price is within the range oscillation, and investors are advised to be patient, following the principle of buying small on minor dips and bottom fishing on major declines.
The main downtrend line is drawn in the chart, and the position of 3525 represents multiple resistance levels: the main downtrend line resistance, the top resistance of the range, and the right shoulder resistance. This indicates that when the price rises to this level, it may face significant resistance, being influenced by the trend line pressure, the pressure from the top of the range, and the resistance from the right shoulder of the head and shoulders pattern.
Pattern Analysis
The chart presents a head and shoulders pattern, including the head, left shoulder, and right shoulder. The head and shoulders pattern is a common reversal pattern in technical analysis, and if this pattern is fully formed, it may indicate a reversal in price trend. However, it is still in the process of formation and has not yet been fully confirmed.
Range Analysis
The range of 3200 - 3525 is marked as a consolidation area for accumulation. Within this range, the price fluctuates up and down, which may indicate that the market is collecting and consolidating chips. When the price oscillates within this range, the forces of bulls and bears are relatively balanced, and a clear trend direction has not yet formed.
Support Level Analysis
3220 is marked as the support level at the bottom of the range, and it is also the support level for the inverse right shoulder. This means that when the price falls to this level, it may receive some support, preventing further declines in price.
Entry Position Analysis
The chart provides entry position recommendations for the range of 3270 - 3230. This is based on the assessment of support levels and the current price trend, suggesting that when the price pulls back to this range, it is a potential buying opportunity, as this range is close to the support level and has a high probability of gaining support and rebounding.
Overall Summary
From a technical perspective, the author believes that even without the influence of the Sol chain and other factors, the pullback in ETH prices is inevitable due to the multiple resistance at 3525. The current pullback is a normal phenomenon, and there is no need for panic. It is also pointed out that any cryptocurrency needs time to break out of chart patterns, and the current brief pullback is for a more vigorous upward movement later. The current price is within the range oscillation, and investors are advised to be patient, following the principle of buying small on minor dips and bottom fishing on major declines.
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Trend Line Analysis
The main downtrend line is drawn in the chart, and the position of 3525 represents multiple resistance levels: the main downtrend line resistance, the top resistance of the range, and the right shoulder resistance. This indicates that when the price rises to this level, it may face significant resistance, being influenced by the trend line pressure, the pressure from the top of the range, and the resistance from the right shoulder of the head and shoulders pattern.
Pattern Analysis
The chart presents a head and shoulders pattern, including the head, left shoulder, and right shoulder. The head and shoulders pattern is a common reversal pattern in technical analysis, and if this pattern is fully formed, it may indicate a reversal in price trend. However, it is still in the process of formation and has not yet been fully confirmed.
Range Analysis
The range of 3200 - 3525 is marked as a consolidation area for accumulation. Within this range, the price fluctuates up and down, which may indicate that the market is collecting and consolidating chips. When the price oscillates within this range, the forces of bulls and bears are relatively balanced, and a clear trend direction has not yet formed.
Support Level Analysis
3220 is marked as the support level at the bottom of the range, and it is also the support level for the inverse right shoulder. This means that when the price falls to this level, it may receive some support, preventing further declines in price.
Entry Position Analysis
The chart provides entry position recommendations for the range of 3270 - 3230. This is based on the assessment of support levels and the current price trend, suggesting that when the price pulls back to this range, it is a potential buying opportunity, as this range is close to the support level and has a high probability of gaining support and rebounding.
Overall Summary
From a technical perspective, the author believes that even without the influence of the Sol chain and other factors, the pullback in ETH prices is inevitable due to the multiple resistance at 3525. The current pullback is a normal phenomenon, and there is no need for panic. It is also pointed out that any cryptocurrency needs time to break out of chart patterns, and the current brief pullback is for a more vigorous upward movement later. The current price is within the range oscillation, and investors are advised to be patient, following the principle of buying small on minor dips and bottom fishing on major declines.
The main downtrend line is drawn in the chart, and the position of 3525 represents multiple resistance levels: the main downtrend line resistance, the top resistance of the range, and the right shoulder resistance. This indicates that when the price rises to this level, it may face significant resistance, being influenced by the trend line pressure, the pressure from the top of the range, and the resistance from the right shoulder of the head and shoulders pattern.
Pattern Analysis
The chart presents a head and shoulders pattern, including the head, left shoulder, and right shoulder. The head and shoulders pattern is a common reversal pattern in technical analysis, and if this pattern is fully formed, it may indicate a reversal in price trend. However, it is still in the process of formation and has not yet been fully confirmed.
Range Analysis
The range of 3200 - 3525 is marked as a consolidation area for accumulation. Within this range, the price fluctuates up and down, which may indicate that the market is collecting and consolidating chips. When the price oscillates within this range, the forces of bulls and bears are relatively balanced, and a clear trend direction has not yet formed.
Support Level Analysis
3220 is marked as the support level at the bottom of the range, and it is also the support level for the inverse right shoulder. This means that when the price falls to this level, it may receive some support, preventing further declines in price.
Entry Position Analysis
The chart provides entry position recommendations for the range of 3270 - 3230. This is based on the assessment of support levels and the current price trend, suggesting that when the price pulls back to this range, it is a potential buying opportunity, as this range is close to the support level and has a high probability of gaining support and rebounding.
Overall Summary
From a technical perspective, the author believes that even without the influence of the Sol chain and other factors, the pullback in ETH prices is inevitable due to the multiple resistance at 3525. The current pullback is a normal phenomenon, and there is no need for panic. It is also pointed out that any cryptocurrency needs time to break out of chart patterns, and the current brief pullback is for a more vigorous upward movement later. The current price is within the range oscillation, and investors are advised to be patient, following the principle of buying small on minor dips and bottom fishing on major declines.