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Bitcoin spiraled down yesterday, which is a sign of loosening chips. The bullish momentum weakened during the upward process, so it is highly likely that Bitcoin will experience a downward correction. It could be a correction within the upward trend, or it might reverse the current upward trend. We first focus on the support level of $60,600. If the support is effectively confirmed, then the price of Bitcoin will once again rise.
The strong pressure ahead is between $65,000 and $66,000, which is a key level that we have repeatedly emphasized recently. Of course, the premise is that $60,600 must be held. If it cannot be held, similar to the previous market trend, it may form an effective breakthrough downwards after breaking the resistance level of $61,700. If a similar trend occurs at this time, Bitcoin will be in a precarious position.
Of course, looking at the weekly chart, things change from time to time. From the weekly chart perspective, when Bitcoin's price last crossed above the 30-week moving average, its MACD indicator still had a certain distance from the 0 axis, and it was also suppressed by the upper channel at that position. The two consecutive bullish candles reversed the moving average pattern of Bitcoin's five-week line crossing below the thirty-week line. If Bitcoin can maintain around $62,000, it is highly likely to form a golden cross of the 5-week and 10-week moving averages next Monday, which is certainly a positive bullish signal.
If the MACD indicator also forms a golden cross, we will have to wait until next week to confirm whether our wishes will come true. It is crucial. If successful, Bitcoin will usher in a new spring; if not, Bitcoin will experience a significant period of consolidation. This is the current situation with Bitcoin's price. Currently, we can see that Bitcoin will experience a downward correction on the 6-hour chart. Looking at the 4-hour and 6-hour charts, Bitcoin's price MACD has shown a divergence at the top. The size of the preceding energy column should gradually exceed that of the subsequent one, and the price is gradually rising. Therefore, after confirming the short-term divergence of Bitcoin, a correction is inevitable.
For those who are not in the market or have not entered the market, this should be good news, but there is also a risk of breaking through the support level. Controlling the position is of utmost importance!
Ethereum's Price Performance: It rose by $100 yesterday, a 5.46% increase, and effectively broke through the 30-day moving average. The 5-day moving average has also started to cross above the 30-day moving average. Therefore, Ethereum has for the first time in a long time broken through the 30-day moving average and the neckline of the "N" pattern, so after the breakthrough, it is a very good time for us to enter the market or add to our positions. We can refer to the 30-day moving average of $2,470 as a point for adding to positions. If it can be confirmed at this level, Ethereum will continue to rise. Of course, if it breaks through the neckline at $2,440, corresponding reduction of positions or risk avoidance should be considered. This is Ethereum's price.
Looking at the weekly chart, Ethereum is still in a relatively low position. Unlike Bitcoin, its 5-week and 10-week moving averages are below the 30-week moving average. It is currently bearish but temporarily weakened, following the overall market's upward trend. We also need to mention the daily chart because Ethereum's daily MACD indicator is still below the 0 axis, so it is unlikely to start a major uptrend below the 0 axis. Ethereum will provide relatively more entry time windows for everyone to seize the opportunity, but risk control is also necessary.
SOL's Trend: Looking at the MACD, on the daily chart, its fast line is crossing upwards towards the 0 axis but has not crossed it yet. So, we need to observe its performance in the next few days. If it can oscillate upwards or does not break through downwards, it will continue to develop in a positive direction.
As for SOL, it also broke through the 30-day moving average two days ago, and this is also an "N" pattern structure. Similar to Ethereum and other currencies, if it retraces to the neckline between $140 and $142, which is the 5-day moving average and the neckline, it is a good time to add or enter the market. Of course, if its price breaks through $138, which is below the lifeline, stop-loss and exit should be considered, and one should not linger in the battle. The selling pressure was slightly heavy yesterday because the closing candle's upper shadow began to fall after touching $152.5.
Of course, the neckline is still a very strong support level. It is best not to repeat the same situation as last time. If such a situation occurs, it indicates a breakthrough, which is not favorable for the bulls. At this time, it should be cut off decisively!
Throughout the trading process, we always adhere to a trading philosophy. What is this philosophy? The imperfection of a trading plan. Any trading plan may hit the stop-loss, but it may also develop as you expected. Therefore, we need to control our positions and have the discipline to manage our emotions. These are very important tools for us.
During the entire process of Bitcoin's price improvement, we must focus and concentrate. Only by focusing and concentrating can we devote more energy to the tokens we manage, effectively manage our positions, survive in this trading battlefield, and achieve the desired profits. This is only a possibility. Of course, if you cannot do this, you are basically not suited for trading. If you cannot achieve these, you will encounter more obstacles on the trading journey.
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