Bitcoin Market Analysis $BTC
Last night, Bitcoin plunged 10%, which was the biggest drop in recent months. From a structural point of view, the overall upward structure has been broken. The mid-line structure that was originally expected to rebound again cannot continue to hold.
From the daily level, the previous rise has ended, and now a new wave of decline has formed. The current support level is around 22000-230000, and it is not sure whether it can withstand the pressure.
Ethereum Market Analysis $ETH
The overall structure of Ethereum has also changed. The expected structure has been broken, and Ethereum is now in a downtrend. It is not clear where the target of the decline will be, to see if a double bottom structure will appear.
In this case, it is not advisable to blindly chase shorts or take longs. If you miss the opportunity to short, the current decline is large, and it is not a good opportunity to short. We can pay attention to some currencies with small fluctuations and a need to make up for the decline to see if there is an opportunity to participate.
Order Suggestions
The market of Bitcoin and Ethereum has undergone major changes. The structure has been broken, and it is not advisable to go long. In addition, we can pay attention to whether there are opportunities for other currencies to make up for the decline.