The daily line is a long bearish candle with a long lower shadow. The trading volume is more than three times that of the previous day, indicating a significant decline with volume.
The daily MA30 line maintains an upward trend, and the MACD shows an increasing bearish momentum above the zero line.
There was a rapid decline on the hourly level, which found strong support at the daily MA30 line and quickly rebounded, forming a bearish candle with a long lower shadow. This indicates that bulls are attempting to fight back, but ultimately bears still hold the advantage. The daily level will continue to show wide fluctuations without a sharp drop, moving in a consolidating pattern.
The rapid decline of Bitcoin on the hourly level has triggered a quick drop in altcoins. Bitcoin's fluctuation is less than 7%, while altcoins generally exceed 30%. Many people's contract positions were directly liquidated.
The focus remains on altcoins. The second wave of altcoin trends will start shortly after this spike, with leveraged contracts being cleaned up thoroughly. It is advisable to buy altcoin spot at low prices and manage contract positions well.
The resistance levels at the daily level are 100500-10500-112000-126000, and the support levels are 94300-92800-87300-84900.
From the hourly level, it is currently showing a 15-minute retracement within the rebound back to the daily MA30 line.
Short positions can be opened at 98660 and 99600, and long positions at 96250 and 95000.
From the three-day liquidation heat map,
As the price rises, there are some large short positions waiting to be liquidated in the 97650-99650 area, and a significant number of large and extra-large short positions waiting for liquidation in the 100450-10190 and 102500-103900 areas.
As the price declines, there are still a small number of long positions waiting to be liquidated near 93500.
