ETC triangle is closing and brewing a "big move", the best preview before BTC halving is worth looking forward to

In the past 24 hours, the mainstream currencies covered by the heat map continued to close in the negative. Although most currencies had a strong rebound overnight, the market failed to effectively recover the decline in yesterday's morning session. The short-selling pattern created by the continuous decline in recent times has not been effectively reversed. Although most currencies have not fallen below the existing low support, the fruitless pullback against the short-term important resistance is causing the market's short sentiment to continue to accelerate.

BTC

BTC has not been able to complete the rebound and recovery of the 5430-5930 resistance zone during its recent weak fluctuations. The continued downward pressure of the 4-hour 50-period moving average is rapidly eroding the "activity space" above BTC. Currently, the 4-hour 50-period moving average has dropped to near the 6400 integer mark where the 0.618 golden section resistance of the previous round of decline is located. Once the moving average pierces this resistance position downward, the resistance strength near 5930 will be further enhanced.

For BTC, yesterday's short-term downward break of the 4835 line further intensified the market's concerns about further corrections, but the rapid rebound of the night market has caused BTC to return to the narrow range of 4835-5430. The result of BTC's competition in this range will directly affect the direction selection result of the wide range of 3850-5930. As mentioned in the recent analysis, this space of about $2,000 will become a key area for BTC's extremely important mid-term long-short orientation.

In this special stage when the bears have absolute control over the discourse power, the closing result of the daily level that was the focus of yesterday's review is a rare "good news" for the bulls. Therefore, yesterday's daily K finally ended with a small negative line with an extremely long lower shadow. The market did not effectively break through the lower track of the large triangle structure marked in the figure below, which means that the alarm of breaking the structure and triggering a new round of band declines has been temporarily lifted. In the short term, the market's competition around this trend line support is still worthy of continued attention.

The simple conclusion is that there is no particularly good trading intervention option under the current market conditions. For BTC, it is currently oscillating in a narrow range in the middle of an important wide range. It is clearly recommended to watch more and do less before the market effectively breaks through the edge of the double box or the daily level gives a clear structural break signal.

ETC

In the short term, ETC has also been steadily declining under the pressure of the 4-hour 50-period moving average resistance. The currency has formed a small convergent triangle structure in the past week or so. The current market continues to run in the middle of this triangle, and has not shown a clear long-short unilateral tendency. However, considering that the currency is expected to reduce production in the next 24 hours, as the currency with the greatest market influence before the BTC halving this year, ETC's short-term market performance will to a certain extent play the role of "preview" of the BTC halving market. It just so happens that the remaining space of the small-level triangle formed by the currency is exhausted. Major events and the expected confirmation of the break at the technical graphics level are likely to push ETC out of a wave of unilateral rapid market with considerable strength in a short period of time. In terms of the opportunity selection for short-term trading follow-up, you can focus on the right follow-up opportunity after the edge of the triangle structure marked in the figure below confirms the break. The stronger resistance above is 5.61 and 6.10, and the stronger support below is 3.48 and 3.00.