With BTC hovering around the $100,000 mark, altcoins have been in a correction phase this week. Should you be booking profits or buying the dip? Let’s go over it together.
7 Days Heatmap
BTC and ETH have been boring this week, while many altcoins are dipping more relatively, providing investors with an opportunity to do Christmas shopping at a discount.
BTC Analysis
BTC remains overall bullish, trading within the rising red wedge that we highlighted in our BTC analysis last week.
As long as BTC trades above the $94,000 structure, the overall bias will remain bullish.
Short term, for bulls to take over again, a break above the $102,500 structure is needed.
ETH Analysis
ETH rejected the $3,500 level nicely, as expected in our last market outlook analysis.
Currently, ETH is rejecting the $4,000 round number, which is why a correction is expected. So, fasten your seatbelts!
For bulls to take over the entire war in the medium term, a break above the $4,100 resistance level is needed.
Quote of the week
Frankly, I don’t see markets; I see risks, rewards, and money.
~ Larry Hite
Closing Remarks
In summary, BTC hovered around the $100,000 mark, maintaining a bullish outlook as it trades within a rising red wedge.
While the overall bias remains bullish above $94,000, a short-term breakout above $102,500 is required for bulls to regain momentum.
Meanwhile, ETH demonstrated expected rejections at $3,500 and is currently resisting the $4,000 round number, indicating a potential correction.
For a medium-term bullish reversal, ETH must break above the $4,100 resistance level.
Loving these quick market updates? Explore our detailed market outlooks for deeper analysis and valuable insights.
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