Bitcoin did not significantly push the bulls up when the U.S. stock market opened in the evening, reaching a maximum of 98,300 before facing resistance. The price of the coin weakened as it moved upward, and due to news impact, the price fell sharply, continuously declining to a current low around 94,200. In the short term, after the price retracement halted, the K-line showed consecutive upward candles, recovering most of last night's decline, but the strength is still lacking. Resistance has returned to the 98,000 level, where Bitcoin attempted to rebound yesterday but failed, leading to a price drop. However, the midnight correction has not reached the expected depth. Previous brief rebounds have not formed effective bottom support, indicating that there is still some downward pressure in the market. It is expected that the market will continue to make downward movements and may approach the previous support level again. During this phase, the market may oscillate around this support level within a certain range.
The Ethereum market is showing even weaker performance, with the opening failing to push the market upward significantly. The retracement has been much stronger than Bitcoin, with the current market having dropped to around 3,512. The indicators continue to maintain a downward trend, and the market still has a demand for further declines. In the short term, the key support is still at the 3,500 level, while the pressure level has moved down to the opening gap of 3,750 from yesterday morning. Overall, the market still presents a weak pattern, whether it's a vacuum or a false break; if there’s a rebound that doesn’t break, one should decisively intervene, but always remember to manage risk well.
BTC Operation Suggestions
98,300-98,700 Short 99,200 Add Position Stop Loss 500 points Target 94,500
Ethereum Operation Suggestions
3,710 Short 3,750 Add Position Stop Loss 40 points Target 3,550
