Bitcoin and Ethereum 4H Chart Analysis: Oscillation and Correction PlayBitcoin is currently in a weak range-bound movement above the support level. After rebounding from the support level, the subsequent trend and trading volume are somewhat weak
Bitcoin and Ethereum 4H Chart Analysis: Oscillation and Correction Play
Bitcoin is currently in a weak range-bound movement above the support level. After rebounding from the support level, the subsequent trend and trading volume are somewhat weak. The resistance level at 63,800 is still relatively strong, so it may need to adjust before breaking through this resistance level. Will it be a consolidation adjustment or a correction adjustment? Here, a correction adjustment may be better, as the previous rapid surge resulted in somewhat weak demand. Although there is a rebound at the support level, supply still exists, so it is still necessary to be cautious as there may be a risk of correction!!!
Ethereum broke through the upper boundary of the range yesterday, but the breakthrough trading volume was somewhat weak, and it tested the resistance level near 2600. It is currently being resisted and has started to pull back, which may return to the range. Due to the weak demand for the breakthrough, it is necessary to be vigilant for a false breakthrough, so be patient and wait for the adjustment to complete. The next resistance level can be watched near 2700.
Bitcoin 4H Chart:
[Image showing Bitcoin 4H chart]
Ethereum 4H Chart:
[Image showing Ethereum 4H chart]
Further analysis of Bitcoin and Ethereum 4H trends:
Bitcoin:
- Bitcoin is currently in a weak range-bound state, with clear resistance above, requiring more momentum to break through.
- The possibility of a correction is higher, as the previous rapid rise has led to weak demand.
- Beware of potential correction risks, as supply still exists.
Ethereum:
- Ethereum has broken through the upper boundary of the range, but the breakthrough volume is insufficient, indicating insufficient breakthrough momentum.
- It has already started to pull back, and may return to the range.
- Be vigilant for the possibility of a false breakthrough, and wait patiently for the adjustment to complete.
- The next resistance level is near 2700.
Summary:
Currently, both Bitcoin and Ethereum are in a correction phase, and it is necessary to closely monitor market trends. Bitcoin may face correction risks, while Ethereum needs to wait for the correction to complete before the effectiveness of the breakthrough can be determined. Investors need to be aware of the risks and operate cautiously.
Disclaimer:
This article is for informational purposes only and is not investment advice. Any investment decision should be based on your own research and risk tolerance.
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