Analysis of Bitcoin and Ethereum Market on October 20
Bitcoin 4H:
Bitcoin is currently back inside the range, and is just forming a fluctuating trend near the upper boundary. At present, the supply capacity within the range has not increased significantly, but the demand capacity has not increased either, so it has been fluctuating at a range of about 0.5 points recently. It may also step back to the upper boundary of the flag here, so the current view is still consistent with the previous view. It is currently in a critical position. It tests the resistance up to about 2 points at most, but the expectation of downward adjustment is very large, so the focus here is on the resistance position! ! !
So is it possible to make a false breakthrough at the top of the range and then directly pull back? Although it has returned to the top of the range to oscillate, since the supply has not increased significantly, false breakthroughs are not considered for the time being.
Ethereum 4H:
Ethereum has also been oscillating near the downward trend line recently, but the oscillation trend of Ethereum here is slightly weak. Judging from the current adjustment, the expectation of short-term pullback is also increasing. It is consistent with the view of the previous few days. It is currently in a critical position. Although it is possible to test the upper resistance, the amplitude is not large. Instead, we should pay attention to the situation of the resistance position! ! ! !
