Market Sentiment:
Chart Structure:
Bitcoin (BTC):
The structure of BTC on the 4-hour chart shows a converging triangle pattern. Currently, it has reached the vicinity of a resistance level. It remains to be seen whether BTC can successfully break through this converging triangle. If it manages to break through, the important resistance level will be near the red line. If it fails to break through, it is likely to continue oscillating within the converging triangle until a clear direction is established.
The structure of BTC on the 1-hour chart shows an ascending channel pattern. However, the probability of a downward break of the ascending channel is relatively high. If it does break below the ascending channel, it will likely enter a rectangular oscillation pattern, continuing to build a 1-hour consolidation pattern here. The simplest way is to directly break through the converging triangle on the 4-hour chart.
Ethereum (ETH):
The structure of ETH on the 1-hour chart is similar to BTC, following an ascending channel pattern. Generally, the probability of breaking below this type of ascending channel is relatively high. Therefore, it is necessary to remain cautious in the short term, but overall, the situation needs to be observed. If it does break below, it may just be entering a rectangular consolidation pattern before establishing a clear direction. After all, regardless of the direction the market takes, the momentum is generally moderate, with not much room for movement.
Trading Strategy:
Exercise caution in investment. This article is not intended as a basis for trading decisions.
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