Bitcoin and Ethereum Market Analysis: Potential Pullback After Short-Term RallyOn September 24, 2024, the Bitcoin (BTC) and Ethereum (ETH) markets continued to fluctuate. While there has been a recent rebound, analysts believe that the risk of a pullback still persists
Bitcoin and Ethereum Market Analysis: Potential Pullback After Short-Term Rally
On September 24, 2024, the Bitcoin (BTC) and Ethereum (ETH) markets continued to fluctuate. While there has been a recent rebound, analysts believe that the risk of a pullback still persists.
Bitcoin (BTC) Review and Current Trend Analysis
Last night, Bitcoin failed to break through $62,500, and the market continues to oscillate today. Currently, it is forming a 15-minute level center. While the possibility of another push towards $63,000 still exists, overall, the current one-hour level rebound has not yet ended, and there may be a final push to $63,000 followed by a new one-hour level decline. Therefore, the four-hour level downtrend has not yet concluded, and investors need to be patient, especially as weekend trading tends to be slower. The next one-hour level decline target is expected to be around $59,000 or even lower.
At the 15-minute level, consolidation may build a center that extends to the $62,500-$63,000 range. If the price falls below $61,700, it could confirm the beginning of a one-hour level pullback. If this happens, short-selling opportunities may arise.
Ethereum (ETH) Analysis
Ethereum's structure is similar to Bitcoin. It is currently also forming a 15-minute level center. In the short term, it could test the $2,441-$2,470 range. If it subsequently falls below $2,390, it would confirm Ethereum entering a one-hour level pullback, and the next round of decline is expected to reach the $2,250-$2,300 range.
Trend Direction at Different Levels
- Weekly Level: Downtrend, theoretical support near $49,000. While it is uncertain whether the bottom has been reached, the probability of a weekly rebound is gradually increasing.
- Daily Level: Uptrend, short-term target area is $67,000-$70,000.
- 4-Hour Level: Downtrend, short-term target has fallen below $61,000, the next support target is $58,000.
- 1-Hour Level: Downtrend, there may be another surge in the short term, but it will subsequently enter a one-hour level pullback.
- 15-Minute Level: Uptrend, focus on whether it can push towards the $62,500-$63,000 range again.
Conclusion
Bitcoin and Ethereum may experience another short-term surge, but a one-hour level pullback is imminent. Investors should closely monitor the key support levels of $61,700 and $2,390. Once these levels are broken, it will confirm the start of a new decline, and short-term traders can capitalize on the opportunity to short. Overall, the market is experiencing significant short-term volatility, and it is recommended to be flexible in your approach.
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