Bitcoin tends to converge after a new high, and the mainstream has rotated one after another

Market overview:

Yesterday, Bitcoin hit a new high again. After the first wave of losses, the funds in the market gradually diverted, and the main destinations were mainstream currencies and leading DeFi series currencies, such as LTC, XRP and UNI. However, there were two consecutive losses in the early morning. The mood in the arena was ruined. The short-term follow-up will see shocks, the market will stabilize, and there is a high probability that the mainstream will have a chance to make up for it.

BTC/USDT review analysis

As shown in the figure, yesterday’s Bitcoin closing line was a positive line with a long upper shadow structure, indicating that the upper resistance is relatively large, but there is an upward momentum within the day. From an hourly perspective, Bitcoin rose all the way along the acceleration channel yesterday, and reached a new high in heavy volume, forming an overbought high of 23880. Then the second probe reconfirmed the resistance effect of this position, and it can be considered that around 23880 is an effective supply area ; After the second test, the falling low near 22300 can be regarded as short-term support. There is a high probability that Bitcoin will take a convergent and oscillating structure in the future, and pay attention to whether the closing line structure can form a daily-level harami structure tomorrow.

ETH/USDT review analysis

ETH/USDT review analysis

As shown in the figure, the trend structure of Ethereum is slightly slower than that of Bitcoin. While Bitcoin hit a record high, Ethereum did not hit a short-term high. , indicating that a large amount of funds are in a state of flow in the market, and the downswing of Bitcoin provides an opportunity for the market of mainstream currencies to rise. The historical high above Ethereum is around 730, and the short-term support below is at 636. Focus on the previous high of 623; after the market stabilizes, Ethereum still has room to rise.

As shown in the figure, UNI, as the leader of the DeFi series of coins, performed well in the supplementary market yesterday. It took the lead in launching from the mainstream coins, ignited the market of capital rotation, and reached the previous high in one fell swoop; although it was brought down by the market in the early morning, But its strong performance can still be regarded as one of the key projects.

This article is for reference only and does not constitute any investment advice