Hello everyone, I am Dashan, focusing on the trend analysis of mainstream coins, updating market analysis daily. In the cryptocurrency world, when some people are laughing, others will be crying. I hope everyone is in the former group!
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Yesterday, led by Bitcoin, there was a sharp decline, which dragged the entire cryptocurrency market down. So what’s the result? It completely reversed, and Bitcoin precisely tested the support level we previously mentioned at 920, then rebounded. This rebound led altcoins to rise as well, creating a V-shaped recovery. So in this situation, you can think that nothing happened yesterday; last night was purely a trap to induce bearish sentiment. Just interpret it that way and look at the daily chart; it will be clearer. From the daily candlestick perspective, there was a shadow line; removing this lower shadow line, it forms a small doji candle with a very small body. Today is actually a day that can be either bearish or bullish, with a small bullish line for the rebound being fine, continuing back into a fluctuation range. A bearish line can fill the previous shadow line, and it's okay if it even drops further. Do you understand? So today is a very difficult day to predict the rise or fall. Conversely, the other side is that fluctuations are a highly probable event; I've been reminding for a long time that there has been an explanation of the congestion at this position, but it’s not to say you should directly go bearish. I've been saying to look for fluctuations. Therefore, recently, Bitcoin is still saying the same thing: watch more and act less. I also hope it takes a downward fluctuating posture, and in the future, it will test the corrective position of the trend starting point below, which is around 870, a good position for additional purchases.
Let’s take a look at Ethereum, as mentioned before, down here at 3000, it almost got hit, which is a bit of a pity. If it had hit this position at 3000, it would have been comfortable. Currently, it’s fine to hold onto spot and mid-range positions patiently, but entering the contract market in the short term is not advisable; we can only operate on some fluctuations. Position control is very difficult, and many people have already been stopped out yesterday. In the short term, there's likely no opportunity to revisit previous highs; there’s a very high probability that there won’t be any upward movements. The main focus now is on fluctuations and looking for any downward opportunities. Currently, the pressure level at 4000 above.
