#比特币今晨触及90.5K Crypto market shock! BTC plummets overnight, retail investors wet their pillows with tears!
Waking up in the morning, my pillow was already wet with tears, and I was puzzled about what happened. I opened the exchange and saw, oh my, BTC had dropped to around 90,000. Trading cryptocurrencies can really be heartbreaking with the ups and downs of the candlestick charts.
After searching for a while, I found out that the US stock market plummeted last night, and the root cause of all this was actually a 7.0 magnitude earthquake in California. Fortunately, no one was hurt by the earthquake. But I still wonder, why should the crypto retail investors' wallets suffer because of your earthquake? Is it that the reconstruction after the disaster in the US has to rely on the money from the crypto retail investors? This is just too absurd.
In fact, this crash may not be a bad thing, as it serves as a lesson for those who have celebrated too much, blindly gambled, and have a weak sense of risk. The money in the crypto market can never be fully earned, but it can be completely lost.
We must always respect the market.
I mentioned yesterday that anything is possible. This time BTC broke through 100,000+, then fell back to 90,000, which tells us that the fate of retail investors is in the hands of the market makers. When to cut the losses is all up to them. The extreme rises and falls are like playing a game. All the pressure and support levels are insignificant in front of the market makers' absolute control and financial power.
From the current trend, yesterday's extreme rise and fall formed a doji star, and now it has returned to a triangular consolidation area. We need to keep an eye on the support level at 93,400 below. If it breaks, we should quickly cut losses. Thinking of rising to 100,000+ again is no longer as important as the first time. Although the bullish trend still exists, the risk is always present.
After this rapid decline, being able to recover quickly is quite common in a bull market, so there's no need to be too afraid. The most frightening thing is when there is a slight decline at the beginning, little by little, and then suddenly a crash occurs.
From the four-hour level, we should start to see fluctuations. The support below is at 94,000, and the pressure above is around 98,000.
From the long-short ratio, the bulls have started to swarm in again. But don’t forget, don’t stubbornly hold on; you need to know when to take profits. Keeping money in your pocket is the most practical. BTC, we still need to be cautious.
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