Market Analysis Update:
1. $BTC (Bitcoin) Market Dynamics:
- On a weekly level, Bitcoin has formed a large bullish candle, with a weekly increase of 10%, and the price is close to 70,000 points, indicating potential for further upward movement in the future.
- From a daily perspective, Bitcoin's trend appears somewhat weak, as major funds may have shifted from Bitcoin to other altcoins. Nevertheless, the daily trend remains healthy, and bullish sentiment may persist, suggesting a conservative trading strategy.
- The 4-hour chart shows that after a significant surge near 69,500 points in the early morning, Bitcoin has retraced. Day trading can adopt a strategy of selling high and buying low, with key support levels at 68,000-67,500 points and resistance levels at 69,500-70,000 points.
2. $ETH (Ethereum) Market Dynamics:
- Last Saturday, it was mentioned that Ethereum's daily trend was performing well, with more upside potential compared to Bitcoin. The short-term target is looking towards 3,000 points, with key support at 2,850 points.
- The weekly chart has formed a large bullish candle, and the K-line has successfully broken through and stabilized above the moving average, with the 7-day moving average turning upward, indicating an overall bullish trend.
- On the daily chart, the K-line is steadily rising along the 7-day moving average, showing a normal and steady daily increase.
- The 4-hour chart is maintaining a high around 2,660 points and broke strongly on Sunday, reopening the market. Day trading recommendations suggest maintaining a long position, with support levels to watch at 2,710-2,690 points and resistance levels at 2,790-2,810 points.
3. Altcoin Market Analysis:
- Last Saturday, it was mentioned that altcoins would have a rebound opportunity, and the market performance on Sunday met expectations, showing a wave of rebound.
- Currently, Bitcoin's upward momentum seems weak, and while the overall trend is bullish, it is not advisable to increase positions in altcoins. Attention can be paid to public crypto recorders.
- Last week, altcoins were in a low accumulation phase, and the best strategy now is to hold onto your positions and wait for the market to rise. Some strong altcoins may develop independent trends.