Last night, the market began to gradually decline after reaching the high point of 102756. The midnight market also showed a step-down trend. As the lows continued to deepen, the currency price hit a low of 95681 in the early morning, with a pullback space of nearly seven thousand points. Ethereum also retraced to the low of 3322. Our long positions set up at midnight yesterday also exited after a small gain of a thousand points, and after participating in a low again, it was somewhat regrettable.
From the current market structure, the entire rhythm has stopped falling after a series of slow declines. Looking at the hourly structure, after each pullback, the bulls enter a period of exertion, which I have emphasized. The rise after a pullback occurs after confirming bottom support, so pursuing shorts at this point is clearly an irrational behavior. The next step is more about oscillating within the range, and I personally believe that the contest between long and short is still laying the groundwork for the upcoming bullish rebound, although it is currently weaker. Therefore, for the follow-up, it is advisable to first confirm the bottom support before participating in low long positions.
Operation Suggestions
Buy Bitcoin around 97000, target 99000
Buy Ethereum around 3400, target 3500
