1.6 Afternoon Analysis of Bitcoin and Altcoin Trends
Good afternoon, a brand new week has begun.
Bitcoin surged again last night, hitting 98000, successfully breaking through the first level of resistance at 98900. This undoubtedly indicates that the market is about to embark on a new wave of upward momentum. Today, pay attention to potential pullbacks in the smaller time frames, focusing on the range of 98660 - 98237. As long as the price holds within this range during the pullback, the market is expected to continue its upward trend, with resistance levels focusing on 102773 - 106057. Currently, the price has crossed 99800. If a small time frame pullback breaks through 98600, the market will likely enter a correction in the short term; only if the four-hour closing drops below 98237 will the upward momentum significantly weaken, at which point support will be looked at in the range of 97300 - 96000.
Now looking at altcoins, they have already broken through the first level of resistance, and the market is likely to continue climbing, with resistance levels in the range of 3726 - 3787. If a pullback today results in a four-hour closing falling below 3637, this wave of upward movement in the four-hour chart will be declared over, and the four-hour cycle will once again fall into a correction pattern, with subsequent pullback support to focus on 3573, 3530, 3470.
