In the daily chart, we’re observing a convergence of trends, which is noteworthy. It’s common to see an uptrend on Saturdays, indicating that the markets are in a favorable phase of convergence. When comparing the movements on Binance and Bybit, it’s apparent that Bybit acts as a lagging indicator. This suggests that trading on Bybit could be more advantageous, as it tends to exhibit stronger movements both in rising and falling markets.
On the 4-hour chart, while Binance’s moving averages haven’t been breached, Bybit has already broken through. Binance’s 99 line continues to play a significant role as a psychological barrier. Both platforms are showing signs of convergence, hinting that the upcoming movements will be pivotal in determining the short-term trend direction.
Looking at the 12-hour chart, it’s visible that the support line has been tested four times. Frequent tests of the support line can weaken it, but there’s also the potential for a sharp reversal in the opposite direction. After a significant rise, the market is experiencing a period of consolidation, with the support line gradually ascending, which may indicate that the uptrend could continue.
Despite the current situation, the notion that the trend might end at $73,000 feels somewhat ambiguous, suggesting that there might be more to this market’s story.