Now the current market fluctuations may feel familiar to everyone. Last year, before the arrival of a one-sided market, the market also fluctuated like it is now. The more such fluctuations occur, the greater the probability that there will be a significant wave of market activity before the end of the year.
Currently, Bitcoin and Ethereum have both broken key support levels, with bears taking the upper hand, and no explosive positive news appearing to reverse the situation. The entire market is in a downward trend, and it is expected that this situation will continue until the Federal Reserve announces the latest interest rates at the end of the month.
The support around Bitcoin at 107000 remains strong. Each time it dips, it can quickly recover. This position is the bottom line for the market's decline; as long as it holds, there won't be a large drop.
In contrast, Ethereum has had frequent spikes recently, and there is considerable controversy. Some are bearish, predicting a drop below 3000, while others are bullish, seeing it rise to 5000. Ethereum has now entered a downward channel, with a key level at around 3760 that we mentioned, which is also the bottom line to prevent further declines in the market.
The day before yesterday, the market rebounded, and the trend looked very good, allowing everyone to enter positions in several cryptocurrencies. Currently, they are all in a state of loss. Everyone should not be anxious; patiently wait for the right opportunity to average down. Randomly cutting losses will only reduce your capital further, so please exercise more patience.