Today's market analysis
In the morning, BTC plunged and hit the support level of 58,000, then stopped falling and rebounded. The current price of Bitcoin is around 58,700. This wave of decline directly swallowed up all the gains in the previous few days. The original trend at the 4-hour level was also reversed. The position of 58,000 has very strong buying power, so in the short term, without the stimulation of news, the market will remain above 58,000 and fluctuate. Looking at Ethereum again, since the launch of the Ethereum spot ETF, there has only been a wave of strong market, followed by continuous weakening. Even with the inflow of ETF funds, there is no way to make it show a stronger trend. Now various institutions are selling their chips one after another, including the Ethereum Foundation, as if everyone has lost confidence in Ethereum. The current support is 2400 and 2300. If it continues to weaken and cannot stand firm, then Ethereum starting with 1 is not impossible!
Intraday pressure and support levels
BTC pressure level 59500/60800 support level 58000/56500
ETH pressure level 2485/2525 support level 2420/2380
Spot sector analysis and recommendation
This wave of weak decline has also led to a large decline in most altcoins. At the current position, you can choose some relatively resistant tokens to establish a head position, including the leading currencies of each sector and aave and bnb. The head position can be arranged at 20%, and the position cannot be arranged too much. After all, it is not the time to buy the bottom yet. Now there are new moves in the Middle East situation. Iran is ready to launch an attack on Israel at any time. In addition, Nvidia’s financial report tonight may cause the already weak market to fall again. As for some friends asking when to buy the bottom, my personal answer is still the same as always, the bottom cannot be waited for, everyone's bottom is gradually bought out by themselves, choose the currency you like, choose your ideal point to enter the market, for me, I can't refuse the chips at this price, so I will buy, if it continues to fall, then wait until the expected price to buy, this is why I told everyone not to rush to shoot all the bullets a few months ago. Finally, if you like spot and have a learning mentality, leave a message in the comment area, no long dai
