$BTC Last week, the overall trend weakened at first. The decline initially tested the nearby short-term low at 801, then rebounded to test the daily Bollinger midline. After weakening on Monday, the market outlook shifted bearish. Once it reached the bottom at 80,000, the outlook shifted bullish again, with the daily Bollinger midline at 842 in view. These levels have now been reached. So will the market continue to weaken this week, or break to new highs again…
Looking at the chart, the monthly Bollinger midline is a strong resistance level above, while the low is the bottom of a large short-term trading range. The bull-bear dividing line is support at 828: if it breaks, the market could test 804 again. The upper level is 842; if that breaks, the market could test 870. Given the current chart structure, an upside breakout looks more likely. Consider continuing to go long on pullbacks.
Go long near 833 to 829, targeting around 854 to 861. $BTC
$ETH
Looking at the chart, the monthly Bollinger midline is a strong resistance level above, while the low is the bottom of a large short-term trading range. The bull-bear dividing line is support at 828: if it breaks, the market could test 804 again. The upper level is 842; if that breaks, the market could test 870. Given the current chart structure, an upside breakout looks more likely. Consider continuing to go long on pullbacks.
Go long near 833 to 829, targeting around 854 to 861. $BTC
$ETH