24/12/16 BTC sets a new historical high, the price must significantly deviate from the current level, stabilize above 102,000 and look towards 120,000?
Previous review:
24/12/11 BTC's spike test was temporarily effective, and it is about to challenge previous high pressure again. How to grasp the Spring Festival red envelope market?
24/12/12 BTC perfectly predicted the market, ETH's rebound tests the upward trend, how to grasp the market as interest rate cuts approach?
24/12/14 BTC stabilizes at 100,000 and is about to break upward, ETH has a chance to catch up to 4,800. Will strong altcoins continue to soar?
Bitcoin's weekly closing formed a hammer line. Since breaking through 74,000, it has risen for 6 weeks. From a monthly perspective, if the rebound from 52,550 is counted, it has risen for 4 months. On the 14th, it was mentioned that historically, bull markets in 20 years have risen from October to March of the following year for half a year, and this wave may extend to February-March of next year. Therefore, we prefer to wait for a pullback before positioning for the medium to long term.
Bitcoin
The daily line has set a new high of 106,648 and there may be a short-term pullback. The daily price has been oscillating upward above the BOLL middle band, RSI has a certain breakout, and the MACD histogram has shortened, with cross signs of fast and slow lines.
The daily line has been operating within the upward channel, and the 4-hour upward triangle has broken through. As long as it doesn't fall back below 102,000, the upward trend remains unchanged. However, a spike to 14,000 on December 5 is needed, and we still don't rule out the risk of a pullback. We previously mentioned that this spike is one of the signs of overextension. Future increases must significantly deviate from the current level; as long as it stabilizes above 102,000, it will continue to look towards 120,000. Of course, if it cannot maintain above 102,000, we need to watch for false breaks.
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Ethereum
In the analysis on the 11th, BTC's spike test was temporarily effective, and it is about to challenge the previous high pressure again. It was mentioned that Bitcoin, Ethereum, and some altcoins have already bottomed out, with the lowest price around 3,500. This morning it rebounded to a high of 4,025 with an upward spike.
The reminder on the 11th indicated that the upward trend has broken and returned. The price line has re-stabilized above the BOLL middle band. Bitcoin has already set a new high, but the distance is not large. Let's see if Ethereum will catch up after the distance widens.
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