First of all, through last week's market consolidation, Long Ge believes that the rhythm of the market will change, meaning that ETH will gradually take over the market, and BTC's market share will decrease. It does indeed seem that BTC is performing weakly while ETH is relatively stronger.
After all, BTC is still BTC, as it is the leader. So if BTC continues to decline and needs to consolidate, the overall market will still head downward, just with the question of which one rebounds faster.
Returning to the market, let's take a look at BTC's trend: on the daily chart, there are no signs of stabilization from the candlestick perspective; it has been moving downwards in small steps, and all the candlesticks are bearish. The MACD does not currently show any signs of turning upwards, and the moving average system may likely go back to test the MA60. Furthermore, the AO momentum indicator has crossed below the zero axis; since starting from over 40,000, the AO momentum indicator has been above the zero axis, and this downward crossing is likely to require an adjustment.
The daily chart for ETH is clearly stronger, with both MACD and KDJ indicating a golden cross. During the decline, it directly fell to the support of the Vegas channel and also tested the MA60. The daily chart closed with a bullish candlestick yesterday, indicating a trend for further upward movement.
In this rhythm, we can observe the MA60 on the daily chart. BTC is weak, and after ETH rises, it will follow BTC for a retest, confirming at the MA60. The overall market's rise will likely not happen until the middle of next month. In summary, watching BTC's trend, the altcoin market still needs attention. If it breaks below 90,000 again, will there be a lot of panic?
