The decline continues, is another wave of major corrections about to begin?
Good evening, the overall market rebound is weak, feeling like it's descending step by step, super weak! In the early hours, the Americans sold 19,800 bitcoins, cashing out $1.92 billion, and the market began to falter. However, chasing short positions around the price of 94,400 is obviously not the way to go; we need to keep an eye on whether the two levels of 94,400 and 93,000 can hold. Personally, I think it's better to wait for around 97,000 or at least above 96,000 to consider shorting, which might be more prudent.
Since the opportunity to short has been missed during the day, we can only look to build low long positions. After all, the market is leaning towards consolidation today, and there is a strong sense of liquidation, making it difficult to chase shorts directly. The low point of the retracement in the early hours is around 94,400, so we must first see if this level can hold. If it can't hold, we will have to continue downward to test the support below. The low long strategy at midnight is not aggressive; try to participate with a light position!
Look to go long again at the lower levels of 93,000 and 91,800, targeting 95,000 and 96,000 above. The level of 96,300 above has already become a resistance. If we break below the previous low of 90,800, then the long position should be exited.
For Ethereum, consider going long again at 3,530 and 3,500. As long as we don't break below here, there is still a chance for a rebound. The trendline for this rebound is here, targeting 3,630 and 3,720 above. There is no need to hold too tightly on the defense; if we effectively break below 3,500, then there is no need to stubbornly hold on to the long position.
