Bitcoin surged to $77,199 early this morning, setting a new historical high. Overnight, the cryptocurrency sector of the U.S. stock market saw a broad increase, with Coinbase rising by 6.73%. Coinbase's weekly and monthly charts have formed an inverse head and shoulders pattern, approaching previous high points. If it breaks through, there could be significant upside potential, but in the short term, a pullback would be better for entry.
We refer to BTC as digital gold. The weekly chart of BTC and the monthly chart of GOLD show a similar cup and handle pattern, although GOLD has a longer time cycle. Additionally, there has been a Spring Festival market trend every year from 2018 to 2024. On January 2, 2023, we reminded to seize the Spring Festival red envelope market around 16,000, which later led to a magnificent bull market. We will see if 2025 will be the same.
Bitcoin
Although Bitcoin has set a new high again, it has not significantly widened the gap around 76,000. After maintaining an upward channel on the 1-hour and 4-hour charts, we will pay attention to the breakout of this channel. The MACD has crossed below the zero line with a continuous divergence on the 1-hour chart, which we can compare to the breakout of 31,800 in 2023.
If the channel breaks down, consider adding positions around 72,700 to 74,000. If it maintains the upward trend, continue to hold.
Support: Pressure:
Ethereum
The ETH/BTC exchange rate has falsely broken down but has not yet confirmed as we have not closed today. If it can retest and continue to rebound, altcoins will have good opportunities for catch-up. If BTC breaks above the upper box, there may be an engulfing pattern this week, which would also benefit altcoins as the market cap declines.
The 4-hour chart shows a rising wedge after a retest of 2,778, with a higher probability of a pullback. The daily downtrend needs a second retest to confirm the breakout of the converging triangle, which would be better. From the MA perspective, it hasn't caught up yet, which may have a restraining effect. Avoid chasing highs; consider long-term positioning during pullbacks.
Support: Pressure:
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Focusing on K-line technical research, sharing global investment opportunities. Official account: Trading Prince Fusu
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