Bitcoin Pullback Remains Within Expectations, Ethereum Consolidates for BreakoutBitcoin is currently undergoing a minor pullback. The supply has not significantly increased from its surge to the previous high, indicating a normal adjustment after a failed attempt to break through resistance
Bitcoin Pullback Remains Within Expectations, Ethereum Consolidates for Breakout
Bitcoin is currently undergoing a minor pullback. The supply has not significantly increased from its surge to the previous high, indicating a normal adjustment after a failed attempt to break through resistance. Therefore, the next target remains at the resistance level near $62,000.
Observing Bitcoin's overall trend, we can see a channel-like uptrend. Although the recent high failed to reach the upper boundary of the channel, resulting in a slight slowdown, it does not affect the target of $62,000. During the current pullback, it is worth monitoring for trading opportunities at the lower boundary of the channel, as it provides some support.
Ethereum is currently consolidating below the neckline, and it is expected to test the resistance level of the neckline again after the consolidation. While the potential for breaking through the downtrend line remains high, it may require an adjustment near the neckline resistance level before rising. Therefore, we need to closely monitor the price action near the neckline.
Here are the 4H charts for Bitcoin and Ethereum:
Bitcoin 4H Chart:
[Bitcoin 4H chart]
Ethereum 4H Chart:
[Ethereum 4H chart]
BTC ETH Cryptocurrency MarketAnalysis
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