10.12 $BTC $ETH Market Analysis: A Replay of the 2023 Weekly-Chart Pattern?
Last week, Bitcoin’s weekly chart formed a topping pattern at MA120. The topping pattern at the bull-bear boundary has been confirmed, which is not an encouraging signal for the market’s outlook. If a pullback begins here, the midpoint of the large bullish weekly candle before this will be the spot-entry level to watch.
The second chart here shows the 2023 weekly price action: after testing the midpoint of a large bullish weekly candle, the market gradually rebounded and entered a bull run. Keep an eye on this as a reference.
Bitcoin’s 4-hour resistance is at 86,000, and Ethereum’s is at 2,610–2,620. If the market gets particularly unpleasant, it could reach these two levels before pulling back, so just keep an eye on them. No need to focus on the levels in between for now. Please refer to updates in the education channel for specifics!
Last week, Bitcoin’s weekly chart formed a topping pattern at MA120. The topping pattern at the bull-bear boundary has been confirmed, which is not an encouraging signal for the market’s outlook. If a pullback begins here, the midpoint of the large bullish weekly candle before this will be the spot-entry level to watch.
The second chart here shows the 2023 weekly price action: after testing the midpoint of a large bullish weekly candle, the market gradually rebounded and entered a bull run. Keep an eye on this as a reference.
Bitcoin’s 4-hour resistance is at 86,000, and Ethereum’s is at 2,610–2,620. If the market gets particularly unpleasant, it could reach these two levels before pulling back, so just keep an eye on them. No need to focus on the levels in between for now. Please refer to updates in the education channel for specifics!