Preface: Investment involves risks, please proceed with caution.
Article review takes time, there may be delays in publication, and the article is for reference only. Thank you for reading!
Time of writing: 00:59, December 23, Beijing time
Market Information
- The SEC held meetings yesterday with Grayscale, Fidelity, and VanEck regarding spot Bitcoin ETFs.
- Franklin Templeton met with the SEC yesterday to discuss Bitcoin spot ETF matters.
- Hong Kong: Ready to accept applications for spot crypto ETFs.
- The central bank: Prudently deal with the risks of gold exchanges and "pseudo gold exchanges," and rectify illegal financial activities such as speculation in virtual currency trading.
- Matrixport: Expects Bitcoin to surge to $50,000 in January.
Market Review
Bitcoin, as expected, traded in a range-bound manner yesterday. The intraday rebound high was around 44,444. As mentioned yesterday, the key level to watch above was near 44,640, and the intraday low was at 43,417, without breaking below 43,100. Range-bound trading provides good opportunities for both long and short positions. Ethereum, on the other hand, did not trade in a range-bound manner intraday, but instead continued to rise. We mentioned last night that it could be a good opportunity to go long near 2,183, but there was no opportunity, and the intraday trend continued to rise without a pullback, reaching a high of 2,344. As January approaches, the recent market buzz about spot ETFs has drawn attention. Traders should be cautious and manage risks.
Market Analysis
BTC:
Looking at the 4-hour chart, Bitcoin continued to trade in a range-bound manner during the day, without breaking below or above the range. Short-term pressure can still be considered. With the imminent approval of Bitcoin spot ETFs, Bitcoin surged again and remained high. December 23 and 25 are Christmas in the United States, which is considered bearish for the entire market due to profit-taking for the holiday. However, this bearish sentiment is only temporary, but we still need to consider it. In the evening, Bitcoin is still focused on breaking below 43,100. If it effectively breaks below, there may be a short-term pullback, followed by a rebound. If it does not break, the range-bound trading between 43,100 and 44,640 will continue. Trade cautiously in the short term and manage risks independently.
ETH:
Ethereum made up for the rise during the day, but did not continue to rise after reaching the area of concentrated chips from the previous high point. From the market perspective, this indicates that the pressure zone is effective. The chance of a decline in Ethereum in the evening will be greater. If the market breaks through 2,344 again, the next target is expected to be near 2,395. In the evening, pay attention to the breakthrough of the high point for Ethereum. The expected pullback range will be between 2,250 and 2,200. Manage risks independently and seize entry opportunities for short-term trading.
In summary:
Bitcoin continues to trade in a range-bound manner, while Ethereum is under short-term pressure. Pay attention to whether the pressure is effective in the evening.
The article is time-sensitive, be cautious, and the above is for reference only!
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