Let’s talk about BTC. The current price is 77,834, and in the short term the probability of going up is higher.
From the chart, the price pulled back and held around the 7-day moving average. After the earlier drop from the peak at 82,300, it didn’t break down in a consecutive manner; the support underneath is still there. In the mid-to-long term, the 99-day moving average keeps firmly holding the bottom. The big-up rally structure hasn’t been broken—this is basically a high-range consolidation and shakeout after a major surge.
On the macro side, the market is still debating the Fed’s rate-hike expectations. Although inflation data is on the stronger side, the rate-hike expectations have largely already been priced in by the market. Geopolitically, localized conflicts can also drive some safe-haven demand, which provides Bitcoin with a certain level of support. Funds are still willing to allocate BTC as a hedge asset.
In terms of trading, if the pullback stabilizes, you can consider going long. The first target is the previous high around 82,300. Only if there is an effective break below the 76,000 support would the long bias be invalidated.
For futures, keep position size light and always use a stop-loss. High-range consolidation has large volatility—don’t go in heavily and try to hold on without a stop. $BTC
$ETH
From the chart, the price pulled back and held around the 7-day moving average. After the earlier drop from the peak at 82,300, it didn’t break down in a consecutive manner; the support underneath is still there. In the mid-to-long term, the 99-day moving average keeps firmly holding the bottom. The big-up rally structure hasn’t been broken—this is basically a high-range consolidation and shakeout after a major surge.
On the macro side, the market is still debating the Fed’s rate-hike expectations. Although inflation data is on the stronger side, the rate-hike expectations have largely already been priced in by the market. Geopolitically, localized conflicts can also drive some safe-haven demand, which provides Bitcoin with a certain level of support. Funds are still willing to allocate BTC as a hedge asset.
In terms of trading, if the pullback stabilizes, you can consider going long. The first target is the previous high around 82,300. Only if there is an effective break below the 76,000 support would the long bias be invalidated.
For futures, keep position size light and always use a stop-loss. High-range consolidation has large volatility—don’t go in heavily and try to hold on without a stop. $BTC
$ETH