Looking back at the morning market, it was under pressure from the high point of 86999, and retraced to a low point of 82420, stopping there. In the morning, I hoped to see the market experience a wave of bullish recovery, however, the market did not perform as expected. The overall market showed a downward trend, and the decline was significant. The altcoin retraced from the high point of 2172 to a low point of 2001. Currently, both Bitcoin and altcoins have rebounded slightly, but the bearish forces exhibited an unexpectedly strong presence in the morning, completely restraining the short-term trend. Based on my sharp judgment of the market and rich experience, I made a total of four trades in the morning. Among them, in Bitcoin, I laid two short positions and one long position. With my precise grasp of the market trend, I made substantial profits from the Bitcoin short positions, achieving a total of 2450 points in gains. The Bitcoin long position did not profit as expected due to the market trend being contrary to my expectations, ultimately resulting in a regretful stop loss of 700 points. The altcoin short position I laid achieved 145 points.
From the price action, the price continued to decline, and a sense of panic permeated the market. Previously, the market experienced a significant withdrawal and drop, with bulls having almost no ability to fight back under the fierce attacks from bears. Only by successfully breaking through the key price level of 86200 can there be hope for opening up an upward space towards 92000. Only by unlocking this barrier can the price move towards higher targets. Close attention needs to be paid to the 200-day moving average trend at the daily level. Although a short-term rebound can be anticipated, it is essential to monitor the gradual breakthrough of resistance levels. The most important support level in today's market is 82000. With the dual support provided by 82000 and the 200-day moving average, looking back at the last market drop, the price once touched 78000, but the current drop found support near 82000, looking forward to the continuation of the bearish trend in the afternoon.
Bitcoin: Can be shorted near 83900-84300, short-term target 82500
Ethereum: Can be shorted near 2120-2100, short-term target 2030
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