On 24/12/23, BTC's weekly candle shows a bearish engulfing pattern of three bullish candles. The key point is the pin support at 90,000, and watch for a possible false breakdown followed by a return!
The weekly closing line shows a bearish engulfing pattern of three bullish candles. Currently, the support is relying on the pin bottom near 90000. The bottom rebound at 92232 on the 20th is likely to break down, creating a lower low. The bullish support near 90000 will be overwhelmed, and after creating new lows, pay attention to a possible false breakdown followed by a return. This is essentially replicating the price action from 2023 towards 49000, which we warned about one or two months ago, and the current movement aligns with expectations.
After Ethereum breaks below 2800 and returns, it is still in a weekly box formation. Last week's drop increased volume, and a retest of support near the weekly MA20 and MA60 before rebounding is not ruled out. If the daily rebound at 3550 does not recover, it will continue to test support near the pin at 3100.
Bitcoin
As of the writing of this article, the daily line has dropped to 93771. The rebound after the pin is too weak, and there is a possibility of continuing to make new lows. The BOLL opening needs to look at whether a short-term rebound can occur near 90000.
The 4-hour ascending channel has broken and has not recovered. On the 21st, it was warned that if the ascending channel does not recover, the downtrend has not stopped. MACD and RSI are still bearish, and currently, a descending channel is in progress. Pay attention to whether it continues to break down.
Support:
Pressure:
Ethereum
Ethereum's daily line rebounded after the pin at MA60, but it has now again broken below MA60. There is also the risk of breaking the pin bottom and retesting support near MA120.
Retesting the Fibonacci 0.5 level of this recent rise, if the support does not hold, a retest of the 0.618-0.786 area is possible.
Support:
Pressure:
In terms of altcoins: HBAR is still oscillating within a triangle with strong support expectations for an ETF, and the decline is not significant. Future rebounds can be monitored.
LPT and BADGER have experienced significant declines but have rebounded relatively quickly. Both have the potential for further rebounds after reclaiming previous lows.
