December 19th Bitcoin and Ethereum Market Analysis: Key Points for Today (BTC & ETH)
Market Review
Yesterday's BTC data release caused significant volatility, with a brief dip followed by a rapid pullback. While the data was positive, its impact was unsustainable, as the fundamentals remain less than optimistic. The daily chart shows a break below the upward channel, forming a short-term downward channel, awaiting consolidation. Attention should be paid to the fundamental situation. The weekly chart maintains a downward trend, awaiting stabilization.
Bitcoin (2) followed BTC) pullback, breaking its upward channel and forming a short-term downward channel. It's awaiting consolidation. The daily chart shows a mild head and shoulders pattern, indicating further downside potential.
Altcoins followed the mainstream trend and corrected, but overall liquidity remains poor. We'll wait for altcoins to stabilize before considering any action. Alpha activity points requirements are getting increasingly higher, so we've paused point farming and will consider restarting it once the requirements decrease.
Intraday Market Analysis
BTC is below the healthy range on both the 1-hour and 4-hour charts, and also below the healthy range on the daily chart. Consolidation is expected today, with support at 84000-84500 and resistance at 87000-88000.
ETH is below its healthy range on both the 1-hour and 4-hour charts, and also below its healthy range on the daily chart. Intraday consolidation is expected, with support at 2750-2800 and resistance at 2900-2970.
