December 23rd Market Analysis from LBank Derivatives

BTC

BTC’s overnight downswing failed to continue, with a bullish rebound pulling up the price. From the overall trend of the market, there is not much room for the market to run anywhere, whether it is through a drop or a rebound. The market is simply too quiet. The price has formed a V-shape reversal on the hourly level and returned to the uptrend range. Yesterday’s retracement was thus confirmed.

Currently, it is consolidating above the $16,500 support line and there is a short-term upward trend in the rebound. At present, after the retracement stabilizes, there is a certain sustainability in the rebound, but the overall rhythm is also a choppy upward trend.

Resistance level to watch out for: $17k

Support level to watch out for: $16.5k

ETH

ETH saw the big green candle range on November 30, with the first support at $1,217. Looking at the 4-hour level, the current MACD has crossed over, but the volume is average. There is still a top divergence at this 4-hour level.

Resistance level to watch out for: $1250

Support level to watch out for: $1217

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