Daily Market Analysis

Tonight is Christmas Eve. Although it is a Western holiday, we also pray for everyone to be happy and fulfilled every day, borrowing from the Western celebration.

Due to the influence of Christmas, the volatility of the US stock market and the cryptocurrency market has decreased, making the space for trading profits very small.

Demigod Demu Xia changed his previous bullish view yesterday, believing that the market has stopped rising and has entered a complex consolidation, waiting for the market to explore lower space before positioning long orders.
On the contrary, Insider Brother still has not closed his long position as usual, and the funding rate has already lost over two million, with a total loss of 55 million dollars.

Yesterday, the US GDP growth rate came out much higher than expected, which means the possibility of the Federal Reserve implementing recessionary interest rate cuts will decrease. After the data was released, the probability of the Federal Reserve cutting interest rates has already dropped to 17%. Trump also criticized this phenomenon, believing that the Federal Reserve has been stifling the space for positive news to rise.

Returning to the market, the volatility of BTC is too low, so the overall market has not undergone structural changes. It is possible that there will not be much market movement during the Christmas holiday. Despite a general rise in the U.S. stock market yesterday, BTC and Ethereum did not show significant increases, indicating that the bulls are still relatively weak. From a trend perspective, it leans more towards the bearish side, but due to the volatility, even if the bears have the advantage, at most it will be a test of the recent low points.

From the daily chart perspective, BTC's false breakout of the EMA20 moving average also indicates a weak bullish performance. The double bottom pattern is more evident now, and we are observing the performance of the support level at 850, driven by the moving averages.

The form of Ethereum is similar to BTC, but the signals from Ethereum's two false breakouts are stronger. Therefore, if Bitcoin continues to push down, Ethereum could still reach around the 2800 position.

Before a clear trend emerges, it is subjectively believed that BTC will fluctuate around 850-905, and ETH will fluctuate around 2800-3050.
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