Daily Market Analysis

Today is Christmas Day. First of all, I wish everyone a Merry Christmas, but unfortunately, there are no holidays in China. The Christmas atmosphere is still quite strong in first-tier cities, so everyone can feel it.

News
Yesterday, the S&P 500 index hit a new high during trading and closed near its peak, which also boosted cryptocurrencies to rise.
Last night, the fees for Bitcoin and Ethereum deviated significantly from normal values. As of the time of writing, the fees are still rising, and the reason is unknown. Basically, more mainstream coins have more long positions.
Price Action Market Analysis

Yesterday, the price looked like it was rising quite a bit, but the actual increase was less than 2%, so the volatility is within expectations. Currently, with fees around 0.005% or higher, there are already many long positions for mainstream coins. With the market heavily weighted on the long side, it’s clear that it’s difficult to push prices higher.

On a smaller timeframe, Bitcoin has been oscillating within a range for the past two days, with slightly clearer upper and lower boundaries. Trading short or long within this range has a relatively high success rate.

On a larger timeframe, BTC still remains within the range of 850-905, so if traders want to take a swing, it’s better to buy near the lower boundary and sell near the upper boundary for a bigger margin. However, the opportunity to enter the market might only come by Friday.

BTC Strategy: Buy near 867, sell near 880
$BTC

For Ethereum, its bullish momentum is even weaker, as it hasn't tested the previous resistance levels. The false breakout after the recent bearish force breakthrough was quite prolonged, indicating that bears still have the advantage based on current market conditions. If traders want to swing, it’s better to buy near the lower boundary and sell near the upper boundary for a more comfortable position.

$ETH ETH Strategy: Buy near 2910, sell near 2980
$ETH ‌#美股圣诞行情开启 #ETH走势分析