Don't look, it's too cruel
Something big has happened again, brothers in the crypto circle quickly brush away, don't look, it's a cruel fact. As of now, the total liquidation amount in the past 24 hours has exceeded 7 small targets, with the main focus on short positions. The leader Bitcoin and the second Ethereum are continuously challenging the limits of the bears. Just at 7:14 in the morning, Bitcoin reached a new high of 89575, while Ethereum faced temporary resistance due to some trapped or profit-taking investors, adjusting around 3300.
For example, big players including Sun have started unloading, causing temporary resistance for Ethereum. However, after digestion, it can still recover its upward trend. Looking back now, last week's big green candlestick really left the bears speechless. How many people have held short positions below 7 until now? So what should be done now? Today, I will share some valuable insights with you, remember to like, follow, save, and share.
In a bull market, there's often a sharp decline. This statement is not a joke, because even in a bull market, it cannot keep rising indefinitely. The higher it goes, the greater the pressure will be, and once the momentum fades, with profit-taking, it will quickly plunge. When the market sees a drop, it will continue to surge again, and when new funds come in, it will continue to rise. The spikes at 6 and 9 o'clock are the best proof, quickly liquidating long positions and then directly reversing to reach new highs again. One should pay more attention to changes in contract open interest and rates to find opportunities for pullbacks. Currently, both the open interest across the network and the perpetual rates have reached high points, facing pressure now. As long as it dares to reverse, we can either run away or jump in. We are still far from the peak. According to historical patterns, the peak will appear next year. Hold onto your spot and aim for a big jackpot, brothers, what do you think?
Today's market analysis: From the K-line perspective, $BTC on the hourly level is rising (the momentum is still insufficient, facing pullback pressure), on the 4-hour level is rising (this candlestick is bearish, and KDJ is about to cross down, caution for pullback), and on the 12-hour and daily levels is rising. The intraday resistance level is 90000, and the support level is 84000 dollars.
