/#ETHmarket analysis: The weekly upward resistance level is blocked, no FOMO on the rise, no panic on the fall!
Market analysis
BTC continued to rise during the day, approaching 65,000. Whether it is affected by the sentiment of the "Mentougou" incident or the market needs to adjust, a short-term price fluctuation and decline is foreseeable.
The reason for the short-term correction may be the sentiment in Mentougou, but the main reason is that the market needs to digest the selling pressure. The data from the weekend to Monday did not increase in volume. Yesterday, it was mentioned that it is necessary to increase volume and turnover in the short term. After consolidation, the price trend will be more stable. The rise on the weekend and Monday did not stimulate selling volume, so it is not surprising to touch the selling pressure near 65,000, which may also be a good thing.
The price broke through 65,000, which is the key weekly resistance and the daily MA120 position. It is inevitable that the short-term rise will be blocked. Although the market is slowly active, there is no major positive sentiment driving it.
Bold assumptions, careful analysis, welcome to Uncle Cat’s encrypted “channel”
Key technical points
BTC
Resistance level: around 65,000, the key weekly resistance level, which is also the MA120 position. After breaking through and stabilizing, the price returns to the upper track of the weekly Bollinger Band, and the bulls are expected to continue.
Support level: around 59,000, the daily Bollinger band middle line and MA200 support level. If it does not fall below this level in the short term, it will still be on the upper track of the daily line and will most likely rebound after the support. If it falls below this level, bulls need to avoid risks.
RSI: Index is 55, down from yesterday's 65. The index is neutral and the bullish sentiment has declined.
ETH (Ethereum)
ETH's trend is stronger than BTC. Although it follows BTC's decline, it is still on the upper track of the weekly chart.
Key technical points
Resistance level: around 3400, the key weekly resistance level. Once it stabilizes, the trend will be similar to BTC.
Support level: 3220-3140 range, continue to use yesterday's support position. There is also daily MA120 as a buffer below the current price, which is around 3360.
RSI: Index is 56, up 1 from yesterday. Sentiment remains stable, closely following the trend of BTC, and bullish sentiment is neutral.
Summarize
Looking at the overall market today, we can summarize it in one sentence: Don't be FOMO when it goes up, and don't panic when it goes down. If it goes up, look at the weekly resistance level, and continue to be bullish after breaking through it; if it goes down, look at the daily dense support level, and if it doesn't break this position, the probability of a short-term decline is not high.
In recent weeks, I mentioned that after BTC price returned to above the daily line, the moving average trend gradually reversed, which is a good sign. But we need to pay attention to the stability of the price above. Once it falls below the daily support, the moving average moves down and may form a "death cross" with MA200. Although this does not mean a certain decline, it is not a good sign either. I will continue to pay attention.
#BTC☀ #ETH🔥🔥🔥🔥 $BTC
