【Daily Market Review - December 25】
Summary:
① The daily and 4-hour charts of Ethereum show contradictions, and the originally planned medium-term short position is temporarily canceled.
② The daily chart has not yet stopped falling, while the 4-hour chart indicates that if Ethereum does not break below the 3100 level next week, it will reverse the current bearish trend.
③ Ethereum represents the altcoin market; when Ethereum rises, the altcoin season will come.
④ 529480198806 is expected to soon enter the "golden chip" zone, and spot traders should be prepared.
In recent days, various bloggers have been cheering for the altcoin season, recommending everyone to invest in altcoins, so today we will focus on the altcoin sector.
$ETH #ETH , as the leading altcoin Ethereum, has shown little movement after briefly touching the 3500 level. In fact, we do not need to worry for now; based on the previous analysis of the 4-hour chart, we can still see the 3600 range, meaning there is no need to close long positions for the time being.
In our previous analysis, we also mentioned that the overall market would not see much action this week, likely just a rebound from overselling, while the daily chart will continue to decline next week. However, as of today, the 4-hour chart of Ethereum shows an uncertain direction, and there is a significant probability that the next decline will not break below 3100, which would lead to a reversal of the bearish trend and a return to bullishness.
Therefore, the medium-term short position we originally planned is temporarily canceled due to the contradictions on the daily and 4-hour charts.
52948019806#MEME , I would like to mention a coin I have been looking at recently; from the daily chart, MEME is expected to decline again after this pullback, after which it will enter the "golden phase" for spot entry. If the trend goes as expected, the price is anticipated to return to the "golden chip" zone soon, at which point it will be very necessary to heavily invest in spot.
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