Bitcoin Pullback Nears $60,000, Ethereum Retests Uptrend Line; Proceed With CautionBitcoin pulled back to near $60,000 overnight, a drop of roughly 3%, which while expected, broke through the key support level of $61,000, raising market concerns. The volume on the breakout of $61,000 was significant, indicating a potential stronger pullback than anticipated
Bitcoin Pullback Nears $60,000, Ethereum Retests Uptrend Line; Proceed With Caution
Bitcoin pulled back to near $60,000 overnight, a drop of roughly 3%, which while expected, broke through the key support level of $61,000, raising market concerns. The volume on the breakout of $61,000 was significant, indicating a potential stronger pullback than anticipated. Chasing the dip is not recommended at this time. If Bitcoin fails to reclaim the resistance at $61,000, further pullback to $59,000 is possible.
Ethereum's movement largely followed expectations. Yesterday's intraday session highlighted the presence of selling pressure, indicating a potential pullback to the lower uptrend line. Ethereum currently pulled back to the uptrend line before bouncing back, experiencing a 5% drop. However, it's crucial to refrain from jumping in on the buy side just yet. We need to observe the second test. As the sell-off still exhibits substantial selling pressure, we need to monitor the volume on the second dip. If the sell volume increases during the second test, the current support level may be breached, leading to a potential test of the support zone near the previous low.
Bitcoin 4H Chart:
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Ethereum 4H Chart:
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Overall, the market currently faces an ongoing risk of pullback. Investors should remain cautious and avoid impulsive buying or selling. Monitoring key support and resistance levels, along with changes in sell volume, will provide a clearer picture of the market trend.
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