Will Bitcoin continue to drop? How will the market trend from here?
In general, Bitcoin's upward trend mostly follows the pattern of
rally - consolidation - breakdown stop-loss - continued consolidation - rally. We are currently in the consolidation phase after the decline. Of course, it has been hovering around 95000, and I believe if it can dip a bit lower and then continue to rise, especially around 94000, that would be more logical. After all, it has already risen several tens of thousands of points, so a pullback is quite normal, and usually after consolidation, it continues to rise. Our short positions have basically been closed in the early morning, realizing nearly 1400 points of profit. Currently, the entire market is also stabilizing, operating around 95. Here, we can consider entering short positions after waiting for stabilization.
The activity in the early morning was still quite significant, with consecutive declines after the rebound and stabilizing after sharp drops. For this kind of rhythm, the same saying applies: the extreme rhythm has a large space, and sharp drops are also quite normal, as the force and speed of the decline are relatively fast. The time correction is already showing some fatigue, and there is still space below the major coin. From a small cycle perspective, the early morning sharp drop confirmed support, so the next steps will mostly rely on support for follow-up arrangements. #BTC☀ #ETH🔥🔥🔥🔥
The major coin is around 95000-94500, with an expected target of 96500, and Ethereum is around 3480-3470, with an expected target of 3550
