BTC/ETH market: Moving average moves down, bullish sentiment breaks upward, waiting for Friday's PCE data!
As usual, take a look at the market before going to bed.
At present, the overall daily moving average trend of Bitcoin and Ethereum is still moving downward, but the price trend of both sides during the day clearly feels the increase in bullish power. In yesterday's market interpretation, we saw that the bullish power obviously weakened and fell back after encountering the 4-hour Bollinger Band midline, and today the bullish power successfully broke through the 4-hour resistance and completed the 4-hour Bollinger Band range oscillation. With the release of Friday's PCE data, although the data expectations are currently mixed, from the market point of view, the bulls have gradually become active, but whether the rise can be continued still depends on tomorrow's "time".
BTC: Short-term resistance is around the daily MA7 -62,300. If you continue to move upward, you can directly look at the picture. The same is true for your favorite support. The support and resistance mentioned in the picture can continue to be used.
RSI: The index rebounded to around 37, and the sentiment gradually rose.
ETH: It is more stable and stronger than Bitcoin, because the ETF is expected to be launched soon. The short-term resistance is at 3500 on the daily line, and it will continue to rise to 3630, and fall back to 3400 weekly support.
RSI: The index quickly rose to around 49, and the bullish sentiment was significantly higher than Bitcoin.
Although there are still signs of an upward breakthrough, it cannot be ignored that the current market liquidity is low, which leads to the possibility of a technical false breakthrough in the rise, especially before tomorrow's macro sentiment is clear, and large fluctuations may occur at any time in a low liquidity environment. Contract traders should pay attention to risk control.
