Analysis of Bitcoin and Ethereum Market on December 8 and Operational Suggestions

CN
3 days ago

On December 8th, Bitcoin broke through the EMA15 moving average and stabilized at 90,800, showing a bullish recovery in the market. On the daily chart, the fast and slow lines crossed and turned upward, with MACD showing bullish momentum. Key resistance levels to watch above are 93,600 and the Fibonacci retracement level at 94,200 USD. Additionally, it is important to note that the probability of the Federal Reserve cutting interest rates in December has soared to 87%, which is favorable for dollar-denominated assets like Bitcoin.

Ethereum is following Bitcoin with a rebound in bullish momentum. After experiencing a sharp decline at the beginning of December, the price has rebounded alongside Bitcoin, gradually recovering losses and forming a double bottom support near 2,800, indicating a warming bullish sentiment. On the daily chart, the MACD indicator has formed a golden cross, with bullish volume increasing, and the Bollinger Bands are gently expanding, suggesting a short-term bullish trend.

It is recommended to enter long positions for Bitcoin around 90,500-90,000, targeting 91,500-92,500, with a breakout looking towards the 92,900-93,200 range.

It is recommended to enter long positions for Ethereum around 3,090-3,060, targeting near 3,140-3,180.

The market is ever-changing, and these strategies are for reference only.

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