#BTC / #ETH Market analysis: BTC fluctuated slightly during the day, ETH was close to ETF approval, but it weakened slightly?
Basically, the overall market has not changed much since we interpreted the market yesterday. Although BTC surged again in the evening and early morning, it still did not break through the daily Bollinger Band middle line resistance level (63,700), indicating that the large-scale bullish sentiment is still insufficient.
Bitcoin started to decline in the early morning. Let’s take a look at the trend of BTC/ETH.
BTC:
As shown in the figure, it has basically been a 1-hour level oscillation trend, and has decisively rebounded near the lower line of the 1-hour Bollinger band. The rise from this position to 63,600 is basically a small-level range oscillation trend. Even if there is no external positive or negative sentiment, the technical trend is like this. Therefore, don't be excited about a short-term rise, and don't be pessimistic about a short-term decline.
If it continues to fall and rebounds near 62,200, the 1-hour Bollinger Band oscillation will become the running trajectory of the 4-hour Bollinger Band upper track. Every time the price trend breaks through a time level, the support and resistance noticed represent different emotions, so the judgment logic should be adjusted at any time according to the actual situation.
RSI: The relative strength index at the daily level remains neutral and stable, and will not trigger overbought or oversold sentiment in the short term.
ETH：
As shown in the figure, as Ethereum's ETF is about to be passed, Ethereum's small-scale trend has shown a downward trend.
The 1-hour trend has been fluctuating downward since it hit a high of 3529 yesterday morning. So far, the 1-hour trend has not completed the oscillation range of the 1-hour Bollinger Band. On the contrary, it has caused the 1-hour moving average to move downward, and there is a possibility of further decline.
In yesterday's market analysis, we mentioned that Ethereum's weekly line was updated to around 3460. This position may be the main game point in the coming week, and this position will also play the role of support/resistance in the near future. It was support yesterday, but it became resistance today. At present, this position is a bit invalid as support, and then it depends on how it works as resistance. The failure of support indicates that this position has not formed a consensus on activation of buying volume in the short term.
In the short term, 3420 is the support of the 1-hour Bollinger Band lower line and MA120, and it is also the support of the 4-hour midline. If the support at this position is invalid and the price continues to fall, it depends on the 3340 position.
However, it is a bit strange that in the recent period when Ethereum's ETF has a 99% chance of being approved, Ethereum's small-scale trend is so sluggish. From a technical perspective, bullish sentiment is indeed rather bleak.
RSI: The daily index fell from 49 yesterday to 47. The slight decline also represents the decline of the market's bullish sentiment. Are traders not optimistic about the market outlook after the ETF is approved?
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Judging from the overall market situation, although Ethereum's ETF is the main narrative this week and next week, market bulls do not seem to buy it. The current quiet market is still waiting for this week's "large and small non-agricultural" data. At present, the guiding weight of macroeconomic sentiment is higher than the Ethereum narrative in the crypto market.
$BTC
