Bitcoin and Ethereum 4H Analysis: Resistance Test, Bulls Need CautionBitcoin is currently consolidating near resistance levels, facing significant pressure from the descending trendline and resistance above. From a daily perspective, Bitcoin's movement is forming a triangle convergence, which has entered a crucial stage
Bitcoin and Ethereum 4H Analysis: Resistance Test, Bulls Need Caution
Bitcoin is currently consolidating near resistance levels, facing significant pressure from the descending trendline and resistance above. From a daily perspective, Bitcoin's movement is forming a triangle convergence, which has entered a crucial stage. Overall, the daily candlestick pattern is relatively strong, making an upward breakout from the triangle convergence highly likely. Despite the short-term resistance and potential for a pullback, the long-term trend remains bullish. Bulls need to exercise caution as there are two important resistance levels above, and short-term pullback risks should not be overlooked. For support, focus on the rising trendline below.
Ethereum pulled back about 2 points last night before continuing to test the resistance above. Based on the current trend, the pressure from the resistance above remains significant, and the probability of a short-term breakout is low. Although the daily chart remains strong, short-term pullback risks persist, and bulls should be aware.
Overall, both Bitcoin and Ethereum are facing resistance tests in the short term, and bulls need to be cautious and monitor price movements closely.
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