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Bitcoin's price trend formed a medium-long bullish candlestick last week, and the corresponding volume slightly increased. At this time, Bitcoin's moving average indicators formed a bullish upward divergence and broke through the previous important resistance at $66000. This combination is undoubtedly a positive bullish signal. In addition, the MACD indicator shows a golden cross above the zero axis. Therefore, Bitcoin has formed a dual golden cross resonance in this directional cycle on the weekly chart, which becomes an important reference coefficient for our bullish outlook.

Why did Bitcoin continue to decline after reaching $69000? At $69000, it faces significant resistance. Looking at the weekly chart, connecting the two corresponding high points, this descending trend line is an important resistance line for Bitcoin; it cannot be achieved in one go. Some declines are for a better rise; this decline should facilitate a better breakout above $69000, leading to greater upward space. During Bitcoin's pullback process, we should pay close attention to the position near $65600, which is close to the five-week moving average. This is not only the midpoint of last week's medium-long bullish candlestick but also the position of the five-week moving average, as well as an important level of previous pressure points. Therefore, if the price can pull back to between $65600 and $66000, one can increase their position.

Of course, some people have raised opposing opinions, believing that $69000 is the peak for this wave of Bitcoin, and that Bitcoin will undergo a deep pullback, possibly returning to $50000 or $40000. But this judgment varies from person to person; everyone has their own trading system and standards. Thousands of people looking at the same data and the same K-line chart will have thousands of opinions. This is the charm of the market and highlights the importance of establishing a trading system suitable for oneself. Everyone is an independent individual; methods for success vary, but reasons for failure often share similarities. For Bitcoin to form a downward trend, it must effectively break its ignition point at $62700; otherwise, every pullback will be an excellent entry opportunity.

The price of Ethereum is $2629. After encountering resistance from the 30-week moving average, Ethereum's price began to decline. However, last week's K-line showed a medium-long bullish candlestick, but Ethereum's performance is relatively weak, giving a not-so-friendly impression. It should be noted that Bitcoin's breakout means that Ethereum is likely to follow suit. From the current trend, Ethereum is forming a bottom arc shape. $2776 is the important neckline level.

If it can effectively break through, it is equivalent to standing above the 30-week moving average. In this case, it may climb back up from where it fell. If it stands above $2776 or even above $2800, the next resistance levels will be $3500 and higher at $4050. This is the charm of the arc bottom. The key is whether Bitcoin can stabilize and whether Ethereum will follow the market trend. We shall see. The current trend can be used for entry or adding to position based on the arc shape.

SOL, as a strong competitor to Ethereum, has performed better than Ethereum in this market wave. On the weekly chart level, the MACD indicator and the moving average indicators also form a dual golden cross resonance pattern, which is an exciting formation and a commonly used, strong bullish signal. During pullbacks on the daily and weekly chart levels, one can refer to the five-week moving average, which is approximately around $158. Interested parties can consider adding to their position or entering here.

The upper pressure level is the descending trend line at $182. If it can effectively break through, SOL will open upward space. The downward support level, in addition to $158, also includes the upward trend line. If support is not found at $158, the next support target will be $147. If it breaks below $147, the short-term upward trend will be disrupted, and risks should be avoided. Upper level at $182, lower levels at $147 and $158. From which point should one enter? It depends on one's own risk tolerance. Don't forget, the dual golden cross resonance at the weekly chart level is a positive bullish signal.

In summary, the weekly chart level has broken upward and formed a dual golden cross resonance, including Ethereum, Bitcoin, and SOL. On the daily chart level, there is a downward pullback. Will you choose to enter, add to your position, or exit?

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