2024.8.28 Today's market analysis: ##btc ##eth

Yesterday's market fell, taking back all the previous gains, and even falling more. What should we do? This wave of bulls was wiped out again, but from the perspective of the long-short ratio, the number of bottom-fishing people began to increase rapidly again. Can we see the bottom here? Is this wave a real second exploration of the bottom?

In 1 hour, we can see that after this wave of market fell below the upward trend line, the decline just came to 0.786 and rebounded. The large negative line that appeared due to the rapid decline has the need to cover. Since the current short-selling force is so strong, it is natural to wait for the market to fill the gap before placing a short order. The key pressure position here is around 62,000, and the support situation around 56,000 is seen again below. Whether this is a real second exploration needs to be confirmed.

ETH is currently in the process of second exploration, and is already filling the gap of 2360-2410. If it stabilizes here, it is natural to consider long orders, or if it falsely falls below 2307 and recovers, it can also consider long orders.

The rapid decline has turned the market sentiment into panic again, but the number of bottom-fishing is still strong. In terms of funds, the short contract positions are increasing, which has formed a contradictory situation. Let's go back to the technical side. If the current position stabilizes, consider long orders. If it does not stabilize, do not participate, and wait for the trend to become clear before intervening.