December 17th Bitcoin and Ethereum Market Analysis: Key Points for Today (BTC & ETH)
Market Review
BTC saw a slight rebound yesterday, with minimal volatility following the release of the non-farm payroll data, which was slightly bearish. The fundamentals remain less than optimistic. The daily chart shows a break below the upward channel, awaiting consolidation. Attention should be paid to fundamental developments. The weekly chart maintains a downtrend, awaiting stabilization.
Bitcoin (2) is consolidating in tandem with BTC ( 1), breaking its upward channel and forming a short-term downward channel. It's awaiting further consolidation. The daily chart shows a slight 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. Intraday consolidation is expected, with significant resistance above making a breakout difficult. Intraday support is at 84000-84500, and resistance is at 88000-89000.
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 significant resistance above making a breakout difficult. Intraday support is at 2800-2850, and resistance is at 3000-3050.
