December 14th Market Analysis from LBank Derivatives
BTC
Yesterday, BTC experienced a volatile trading session, with bullish sentiment fueled by favorable news pushing the price to a high of $17,936 before it pulled back and found support near $17,620. At present, the price is trading around $17,780. On the four-hour chart, the bulls appear to have temporarily stalled at a high level of volatility, with the MACD showing increasing volume and a bullish crossover.
The moving average is also trending upwards, indicating a bullish bias overall. However, there may be some short-term downside pressure.
ETH
As for ETH, the price shot up yesterday in response to the news, reaching a high of $1,345 before encountering resistance and pulling back to support near $1,305. Currently, the price is trading around $1,320. After breaking out of a triangle pattern on the four-hour chart, the price has risen to a resistance area but has yet to establish a clear trend.
The market is currently in a state of flux, with buyers and sellers locked in a tug-of-war. If the support at $1,305 holds, we could see another rally, but the overall trend remains under pressure due to concerns about the upcoming interest rate announcement and its potential impact on market sentiment. Volatility is likely to be high.
Resistance level to watch out for: $1345
Support level to watch out for: $1300
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