BTC fell first and then rose at a high level, and ETH still has momentum to go up
I haven’t paid much attention to the market during the holidays these days, but the trend has basically not deviated from expectations. An article before the Dragon Boat Festival analyzed that the market is expected to continue to look upward after a wave of retracement. The final trend is also because there is no A strong and effective breakthrough followed by a wave of stepping back, and then continued to rise, and Bitcoin returned to above 40,000. Regarding the current strength of the rise, the author believes that it has been suppressed again, and there will be a demand for callbacks in the short term, and then the bulls will still Continue to make efforts, which will undoubtedly regain confidence in the currency circle. The trend of Ethereum has also given a clear reminder in the author's analysis. Before, let everyone pay attention to the 2400 mark. As long as this position is not broken, more orders can be operated. It will follow the trend downward, and the final trend is that the market successfully falls below the 2400 mark, and extends downward along the trend, and finally reaches around 2260, and then the market continues to rebound, which is also an important support from the recent market.
On the surface of the news, since May, whether it is the mainstream Bitcoin, Ethereum, or the non-mainstream Dogecoin and Shi coin, all have plunged, and hundreds of thousands of people have exploded in an instant, and the major digital currency exchanges have been down for a while. , The tens of billions of funds disappeared in an instant, and this situation of blood collapse has continued to this day. As blood flowed into the currency circle, speculators fled in large numbers. The wind that had previously hyped the arrival of the digital currency bull market died down. People who were bullish on Bitcoin to $100,000 disappeared, and the leader of the currency circle, Musk, also had a taste of rebellion. In the past few days, even Trump has come to join in the fun and step on his feet, denouncing Bitcoin as a scam. Although it is a scene of trees falling and monkeys scattered, and walls falling and everyone pushing, there are still a group of Bitcoin believers who are fighting tenaciously. Among them, the most notable one is Jack Dorsey, the founder of Twitter and Square, and the legendary Silicon Valley entrepreneur. At the moment when the market is turbulent, this Silicon Valley tycoon still holds high the banner of Bitcoin and chooses to stand unswervingly with the believers, which undoubtedly gives strong support to Bitcoin and leads to a steady rise in the price of the currency.
In addition, Ethereum co-founder Anthony Di Iorio said that he is investing in Cardano and Polkadot and betting on their future. As for other crypto assets, Di Iorio wants to keep it simple and invest in bigger projects. "Most of the projects I voted for are in the top few, Ethereum, Bitcoin, Cardano, Polkadot, I also like Cosmos. There are others, but I am not lost in all the DeFi stuff."
From a technical perspective, Bitcoin has been consolidating at a low level since its sharp decline. It has only shown signs of rebound since June. It is also a good signal to return to the 40,000 mark. At least under heavy pressure, the currency price has not met market expectations. The same decline all the way, indicating that there is still a relatively strong supporting force. From the daily line, the yin and yang alternate. Overall, the bulls began to exert their strength gradually. Moving forward in a good direction, various indicators also support the upward trend. In the general direction, Bitcoin still has room for upward movement. Follow the official account Tang Sizhe for more analysis. In the short term, there is a demand for callbacks in the 4-hour line. The kinetic energy of the bulls began to shrink. It is normal for the market to step back after a period of consolidation at a high level. We wait for the step back and start to place long orders. The short trend on the hourly line is more obvious. There is a need to step back on the top, and the focus below is on the support of the 39200-39500 range. On the whole, there is a need to step back on Bitcoin in the short term, and it will continue to be bullish in the general direction.
The trend of Ethereum is also relatively active. Since it fell below the support of the 2400 first-line position last week, the downward trend has increased. The market directly tested the important support level 2300 that the author mentioned before. Although it pierced this position, the closing line is also It was relatively quick, but in the end it did not break down effectively, and rebounded again, indicating that the support at this position is still relatively strong. Looking at the daily line, although Ethereum has been tossing up and down recently, it has not stepped out of the large shock range, 2300- 2800 This is a big cycle. Yesterday's closing line was successfully closed above the middle rail of the Bollinger Bands. Then the next trend I think the market still has room for upward movement. Short-term backstepping is an opportunity for us to go long. 4 Looking at the hourly line, the Bollinger Bands began to open up. The red kinetic energy of the indicator MACD in the attached picture needs to be further increased, and the bulls need to exert their strength. Looking at the hourly line, it is still a sideways trend at present, and the saying that it will fall for a long time will still get Verification, on the whole, Ethereum follows the trend of the big pie. The author believes that the market will have a wave of retracement, and then continue to start an upward trend. The operation will first be short and then more. The following will focus on the support of the 2560 position.
