Taking advantage of the weekend before going to sleep, let's briefly review the current market trend and the rhythm of mainstream cryptocurrencies.



After the US stock market closed, the performance of Bitcoin and Ethereum was quite interesting—they basically followed the same pattern. First, each hit a high point, then started to turn downward, and finally closed lower.

Let's look at Bitcoin first. Yesterday's high reached 91,999, which seemed quite strong. Unfortunately, it didn't continue to rise afterward and instead retraced all the way down, with the lowest around 89,600. Currently, the price is hovering around 90,400. The trading volume on these few candlesticks has clearly shrunk, and in the short term, there's no sign of any upward momentum.

Ethereum's story better illustrates the issue. After reaching 3,148, selling pressure increased, and the lowest point dropped to 3,056, closing at 3,085. The decline was even sharper than Bitcoin's. The Bollinger Bands have also opened downward, with the candlesticks moving below the middle band, and the trading volume has similarly decreased significantly. This indicates that while the buying panic isn't as intense anymore, the bullish funds haven't really caught up with the pace.

In summary: both of these big players are showing weak sideways movement. In the short term, they are likely to continue grinding within the current price range unless the trading volume on Monday picks up or we see some movement after the US stock market opens. Otherwise, this sideways consolidation may continue.

My suggestion is: if you're still holding short positions over the weekend, keep your stop-loss in place and hold on; if you haven't established a position yet, just observe quietly—don't mess around and enjoy the weekend.
BTC0,38%
ETH0,08%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
  • Pin

Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)