24/12/02 BTC head and shoulders bottom is expected to form, the market continues to look bullish at 107000, ETH/BTC is facing a turning point.
Today, I will analyze the Bitcoin market comprehensively from a technical perspective. The weekly Fibonacci extension line has broken through 61.8%, and the next position is 78.6%, which happens to be 107000. The weekly line has risen for 4 weeks and is above the BOLL upper band. Although there is divergence in volume and price, the smaller scale 4-hour RSI and MACD show divergence, but since the daily line has not broken below MA20, the overall retracement is still above the Fibonacci 0.236, leaning towards high-level fluctuations and upward movement.
Ethereum's monthly line increase is second only to February's large bullish line; a pullback still looks bullish. The daily line is still moving upwards along the upper line inside the trumpet shape, and the 4-hour line continues to rise along the middle track of BOLL. The MACD divergence depends on whether the current sustained high-level fluctuations can be digested.
Bitcoin
This morning, Bitcoin once again touched around 98100, facing pressure and falling to a low of 96077, which is also close to the pressure at 98600, and is considered a normal pullback. Short-term support is at 95600; if it does not break, it will still attempt to challenge 98600 or even 99588.
4 hours ago, I also mentioned the potential head and shoulders bottom pattern, which also needs to retest the neckline without breaking down to continue rebounding. The Fibonacci level of 99588—90800 is also above 0.382 (96000), and if it can maintain above this level, there is a chance for fluctuations to challenge the previous high or even break through 100000.
Support:
Resistance:
Ethereum
The ETH/BTC exchange rate is facing a turning point; it is currently retesting the 0.038 platform pressure, and the weekly MACD crossing the zero line can be noted.
The daily ETH is still within a spreading triangle, and the weekly line is just near the descending trend line from 4093 to 3980. If it cannot break through, it needs to retest around 3500. The 4-hour chart has formed an upward wedge, requiring attention to the probability of a downward break, with short-term support at 3530—3630.
Support:
Resistance:
