December 29th Bitcoin and Ethereum Market Analysis: Key Points for BTC and ETH Today
Market Review
BTC remained range-bound yesterday, but saw a surge in volume this morning. However, the fundamentals haven't shown significant improvement, and the overall trend remains bearish. Watch for a breakout above 89500-90000, paying close attention to volume changes. A breakout and hold above this level would warrant considering a directional shift. On the daily chart, focus on volume changes and fundamental developments. The weekly chart maintains a downtrend, awaiting stabilization.
Bitcoin (2) is consolidating in tandem with BTC), having risen in tandem this morning. On the daily chart, watch for volume fluctuations; awaiting consolidation, the overall trend remains bearish.
The altcoin market is consolidating in sync with mainstream trends, but overall liquidity remains poor. We'll wait for the altcoin market to stabilize before making any moves. Alpha activity points requirements are getting increasingly higher, so we've suspended point farming and will consider restarting it once the requirements decrease.
Intraday Market Analysis
BTC has returned to a healthy range on the 1-hour and 4-hour charts, but is currently below that range on the daily chart. Intraday focus should be on volume changes. Intraday support levels are 88,500-89,000, while resistance levels are 90,000-90,500.
ETH has returned to a healthy range on the 1-hour and 4-hour charts, but is currently below that range on the daily chart. Intraday focus should be on volume changes. Intraday support is at 2950-2970, and resistance is at 3020-3070.
