From the weekly chart perspective, last week closed with a shrinking volume bullish candlestick, forming a bullish engulfing pattern. This is a sign of a potential trend reversal, technically called a "Morning Star." The resistance is relatively high, but the trading volume is not supporting a strong move, so the market is likely to continue consolidating and grinding sideways.
The daily chart story is even more interesting. On January 2nd, the market broke through the descending trendline with increased volume. What does this indicate? It suggests that the trend may be about to change. The key level to watch is the neckline at 93091—if subsequent candles can break through this level with volume and hold above it, that would be a formal confirmation of the reversal, and the downtrend would be definitively over. Currently, the focus is on this critical step.
Overall, the weekly level is in the late-stage adjustment of a bull market, showing signs of a bottoming out, possibly testing the important resistance of the upward trendline above. The daily level is in a consolidation phase of a downtrend, with a high probability of reversal, just waiting to see if the 93091 level can be effectively broken.
Bitcoin's weekly chart is still in adjustment, while the daily chart is brewing for a breakout. Ethereum's rhythm is largely synchronized. So, the current strategy is patience.
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BlockchainGriller
· 01-06 08:24
Be patient and wait for 93091 to break below; this is the real test.
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AirdropDreamer
· 01-06 06:16
If this critical point at 93091 doesn't break, any reversal is just talk, better to stay honest and oscillate.
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GasWaster
· 01-05 01:50
93091, does this critical level really need to be broken to count? Now just waiting.
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DegenWhisperer
· 01-05 01:48
93091, whether this hurdle is crossed or not truly decides everything. Right now, it's a matter of who blinks first.
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HashBrownies
· 01-05 01:48
If we can't get past this hurdle 93091, we'll have to keep rolling around in hell...
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DAOdreamer
· 01-05 01:47
The hurdle of 93091, whether it breaks or not depends on the mood in these few days, otherwise it will have to be endured further.
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SingleForYears
· 01-05 01:46
Patience, what a joke. I've become numb from being patient.
Let's talk about the recent market rhythm.
From the weekly chart perspective, last week closed with a shrinking volume bullish candlestick, forming a bullish engulfing pattern. This is a sign of a potential trend reversal, technically called a "Morning Star." The resistance is relatively high, but the trading volume is not supporting a strong move, so the market is likely to continue consolidating and grinding sideways.
The daily chart story is even more interesting. On January 2nd, the market broke through the descending trendline with increased volume. What does this indicate? It suggests that the trend may be about to change. The key level to watch is the neckline at 93091—if subsequent candles can break through this level with volume and hold above it, that would be a formal confirmation of the reversal, and the downtrend would be definitively over. Currently, the focus is on this critical step.
Overall, the weekly level is in the late-stage adjustment of a bull market, showing signs of a bottoming out, possibly testing the important resistance of the upward trendline above. The daily level is in a consolidation phase of a downtrend, with a high probability of reversal, just waiting to see if the 93091 level can be effectively broken.
Bitcoin's weekly chart is still in adjustment, while the daily chart is brewing for a breakout. Ethereum's rhythm is largely synchronized. So, the current strategy is patience.