December 12th Market Analysis from LBank Derivatives
BTC
The overall market is experiencing high-level oscillations, with the recent dip failing to reach a new low before rebounding to near the short-term high. This indicates that the strength of the bears in the short term is not very strong, and the bulls have a slight edge. This increases the likelihood of a short-term breakout. The previous rally also broke above the 200-day moving average, which suggests that the bulls are gaining strength. In the short term, the first target to watch is a break above $17411 and then a move toward $17970 if that level is preserved.
Resistance level to watch out for: $17.4k
Support level to watch out for: $15.7k
ETH
Ethereum is also experiencing similar market conditions to BTC. The recent dip failed to extend, with the market rebounding to near the short-term high. The previous rally also broke above the 200-day moving average, indicating that the bulls are gaining strength. In the past, the 200-day moving average has acted as a resistance level, suppressing any rallies. Now that it has been breached, a short-term breakout is likely. The first target to watch is a break above 1309, then a move towards 1370 if that level is preserved.
Resistance level to watch out for: $1309
Support level to watch out for: $1230
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