Bitcoin ($BTC/USD) Analysis:
On the weekly chart, Bitcoin is displaying a high wave candle pattern, indicating significant market indecision and potential for choppy price action ahead. Despite this, there was a robust buying response as the price dipped to the lower Bollinger Band on the higher time frame (HTF). However, it's important to note that we haven't seen a confirmed higher low (HL) on the higher time frame yet, and the price movement is not currently respecting the established daily structure, particularly the key level around $60,000.
At present, Bitcoin's price has retraced to the $57,500 level on the 4-hour chart, which appears to be acting as a local support during this pullback. The $60,000 level remains a significant overhead resistance, and the price's inability to reclaim this level so far is a crucial factor to watch. Given these conditions, it's advisable to be selective with trades in this environment, adhering to the same notes and strategies as before.
For now, the focus remains on the 4-hour chart as the market attempts to stair-step higher, with a local peak at $62,000 potentially serving as a pivot point. Should the price rally, the $63,500 and $66,000 levels above remain in play as critical resistance zones that could influence future price action and should be closely monitored.
$ETH #Ethereum Analysis:
Ethereum's price has pulled back to the $2,500 level, which has shown weakness relative to Bitcoin. There's a clear overhead resistance around $2,850, and the current market sentiment surrounding Ethereum remains negative, reflecting broader uncertainty and caution among traders. This sentiment echoes previous notes and observations.
Key Support and Resistance Levels:
$BTC (Bitcoin):
Support: The $57,500 area on the daily chart is the immediate support to watch.
Resistance: The $62,000 level above serves as the next resistance, with $63,500 and $66,000 being critical levels to monitor if the price attempts to rally.
$ETH (Ethereum):
Support: The $2,500 level is the primary support area based on the daily chart.
Resistance: The $2,850 level remains the overhead resistance to watch.
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