Old Bao's speech: Yesterday, there was a significant turmoil in the cryptocurrency market, which indeed caused considerable pain for the long positions.
Next week, we expect an even more severe washout; we will analyze after the weekly close. Currently, the market is anticipating that 94,000 is roughly the location of this round of correction, when the coin price was at 102,500. However, the low point has now reached 92,280, resulting in a V-shaped reversal. Currently, we are at a position of 97,500. This rebound has also caught many short positions off guard. Tomorrow is the weekend, and it is expected to be a phase of catching up in the early morning. Therefore, we mainly need to watch whether the resistance levels of 98,000/99,200 hold, with Ethereum's resistance at 3,455/3,530. If the above levels do not break, the bears will continue to increase volume in the new week.
(If there is consolidation in the early morning, there might be another wave of decline around 8 AM/12 PM tomorrow, so be cautious with long positions near the hour mark.)
In terms of operations, it is recommended to short on rebounds, with Bitcoin in the 98,100/500 range as a stop loss at 98,900, looking towards 95,000.
For Ethereum, consider shorting around 3,470/3,500 and looking towards 3,300.
Note: The new round of decline may break below 90,000/3,000, which is also expected to happen on Sunday night (the weekend activity won't be very significant).
