Bitcoin has pulled back for four days but is still testing support around 121,000. Although it rebounded after a low spike to 119,572, it has not yet broken below the Fibonacci 0.382 level. Currently, it is still testing the B-wave support on the 4-hour chart, but I believe the decline is not over yet, and there is still a chance to retest the 0.5 to 0.618 levels.
Ethereum is still in a box range structure for now, with support at 3815—4060 and 4200, which can be considered for gradual buying. Although there are currently no signs of Ethereum catching up, it is still worth looking forward to!
Bitcoin
This week's weekly chart is likely to close as a doji star, which, combined with previous trends, is a bullish signal. If the weekly MACD can cross above the zero line, then the previous top divergence will not be a major threat, but the price of Bitcoin must significantly break away from the current range.
The three-day line price is at the upper Bollinger Band spike, and the daily OBV indicator is currently in a high-level oscillation state. We will focus on this signal, and a short-term pullback to the Bollinger middle band is a buying opportunity.
● Support: 117000—117500
● Resistance: 124000—126000
Ethereum
Ethereum is pulling back to the Bollinger middle band, very close to the support at 4200 and the bottom of the box at 4060. The closer it gets to the bottom, the more it can be gradually accumulated. The duration of Ethereum's box oscillation is unpredictable, and for now, we can only operate according to the box oscillation.
As long as it can maintain the current oscillation pattern in the long term, there will still be opportunities for a breakout later. We have been paying attention to whether Ethereum can show signs of catching up.
● Support: 3815—4060—4200
● Resistance: 4755—4956
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