BTC/ETH market dynamics: Weekly and monthly lines updated, support becomes resistance, 72,000 may become the focus this week.
Today is the first active trading day of the week, the beginning of a new month, and the beginning of a week. The weekly and monthly lines of Bitcoin and Ethereum have changed. The previous support has become resistance, so the daily Bollinger Bands have been continuously repaired. It is very important whether the market sentiment can help promote the breakthrough of key points this week.
BTC: 72,000 key resistance, daily repair and contraction, two supports.
After the changes in the monthly and weekly lines, the weekly support has moved up from 60,9000 to 61,900, and the support has moved up, reducing more short-term downside space and risks. The monthly line has moved up, and the support has become resistance, but the monthly line after the upward movement has come to around 73,400, which is higher than the historical high, and there is no need to consider it in the short term.
The Bitcoin daily Bollinger Band has completed its contraction. There is a possibility of contraction and breakthrough this week. The previous high of 72,000 daily line will be a key point. Once the economic data this week drives positive sentiment, it will be very important to break through this position in the short term and stand firm. If it still cannot break through under the stimulus of positive sentiment, 72,000 may become a problem.
There are two positions for the retracement below, the short-term 68,200 daily line support and the medium-term 66,000 weekly line support.
If the economic data this week is positive, 72,000 still cannot be broken, then the market may have the possibility of repeated decline, second decline, and third exhaustion. If the employment data this week still cannot inspire the market, then even the key CPI next week may not bring much effect. Of course, if the data shows "unexpected" positive news, it will be an exception.
RSI: Index 58, neutral to high, belonging to normal trading sentiment.
ETH: Support becomes resistance, 3830 will become a short-term high exchange zone.
Similarly, ETH has also experienced a change in the monthly line. Although the monthly line, which was previously a strong support, has not been tested for actual effect, it has now become a short-term resistance level and may become a short-term intensive exchange area.
At present, ETH's integer level is 4,000 points, which will also become the key point for this week's breakthrough. Whether it can break through and stand firm is closely related to whether it can refresh the historical high later.
The short-term decline depends on the support of the 3,600 daily line.
It should be noted that although Ethereum has experienced high-level fluctuations, the daily and weekly lines have been constantly repairing, adjusting, and shrinking the Bollinger band amplitude, but from the daily line, the amplitude is still large. If there is a short-term small probability negative event, Ethereum has less support below, and the decline will be greater.Short-term effective support can still only be seen around 3600 on the daily line.
RSI: Index 60, neutral to high, belongs to normal trading sentiment, but it is close to the oversold range of 70, indicating that ETH's trading sentiment remains high, which is related to the follow-up of ETF application.
Whether it is BTC or ETH, if the data is positive this week, breaking through the key position is the key. If the data is negative, the retracement looks for support, then wait for next week's CPI data, but the positive sentiment cannot complete the breakthrough, the risk of stabilizing at a high level is greatly increased, and the sentiment may decline.
Record Monday's data later.
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