BTC and ETH Market Analysis: Resistance Not Broken, Expect Pullback
Zhou Yueying, a technical analyst focused on mainstream coin trends, provided insights into the current market conditions for Bitcoin (BTC) and Ethereum (ETH). According to her analysis, BTC's long position at $82,900 was executed successfully in a previous article, resulting in a price increase of over $1,500.
The daily chart shows that the previous K-line closed bearish, with the price faking a break below $83,000 before rebounding. The Bollinger Bands are narrowing upwards, and short-term moving averages are aligned flat. The MACD fast and slow lines are converging downward with reduced volume, while the KDJ is slightly turning parallel with support near the 50 level.
The 4-hour chart shows that the price found support at the lower band and moved upward, currently operating around $84,500. Bollinger Bands are flat, short-term moving averages are turning slightly upward, and MACD lines are crossing upward with reduced volume.
Zhou Yueying advises watching for a rejection at resistance and a pullback on the daily chart due to short-term resistance. She also recommends shorting BTC at the current price of $84,400 for a short-term gain.