12.30 Bitcoin Market Analysis:
Last week, the market encountered Christmas, which was relatively quiet, with gold and the cryptocurrency sector not showing significant fluctuations. Currently, it seems to be in a consolidation phase. The daily chart for Bitcoin shows that it is at the lower edge of a triangle breakdown. If it can't recover above the triangle or within it, there is still potential for a downward technical trajectory. However, it remains within the triangle, currently below the daily 60-day moving average of 92500, showing signs of short-term confusion and hesitation. If it breaks below this line, the space below will surely open up!
As the end of the year approaches, in all varieties, any appearance of price increases or decreases is nonsensical, definitely causing panic among everyone about a potential market shift. The expectation is that it will continue to be bearish around 95000, with a defense level at 95500 and a target looking at 930000.
If it breaks below 92500 and cannot support a rebound, it is highly likely to drop to the 88000 area.
Ethereum is slightly stronger, oscillating around the daily 60-day moving average of 3380, waiting for Bitcoin's guidance! Today, it can be shorted near 3430 with a defense at 3450 and a target looking at 3300.
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