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The strength of the crypto market is clearly showing two strong and two weak recently. Yesterday, Bitcoin hit a new high of 79,400, attempting to challenge the 80k resistance. The previous highs of Ethereum are far apart, and it has been unable to stabilize above 2,420. Bitcoin's four new highs have not been broken by Ethereum. From the daily chart, both Bitcoin and Ethereum remain healthy and in a bullish state. However, on the 4-hour chart, momentum divergence is severe. Today, attention should be paid to the resonance correction of the 4, 6, 8, and 12-hour timeframes, as continuous upward movement without retracement has caused too much deviation.
Bitcoin: First observe the retracement to assess support strength. On the daily level, the upward channel remains intact, but the 4-hour chart shows weakening bullish momentum, with prices facing strong selling pressure around 78,300. Coinbase premium index has been positive for 14 consecutive days, indicating strong domestic buying in the US, but the market is also filled with cautious sentiment. Currently, momentum divergence has appeared on the 12-hour chart with a spike. Today's retracement is insufficient; do not enter long positions.
Support: 74,200-75,000, Resistance: 78,300, 79,300
Ethereum: First look at the retracement. From the 1-hour to daily levels, prices are still under the influence of medium- and long-term moving averages, showing a passive upward trend linked to Bitcoin, with weak independent bullish momentum, continuing within a rebound correction zone of a downward channel. As of April 23, the total open interest across the network is about $80k, an increase of 7.29% in the past 24 hours. The increase in open interest alongside price fluctuations indicates both bulls and bears are increasing their bets, and once one side is wiped out, an accelerated trend may occur. The weakness is quite evident. Yesterday, in the environment of widespread bullishness, no new highs were made, showing obvious fatigue.
Support: 2330, 2278-2296, Resistance: 2400, 2420