The bulls have arrived, but they are being fiercely defended by this group of air force, giving them no chance to charge. Today, the market is relatively weak, with Bitcoin dropping below 83,000. Our resistance is getting weaker, can we still fight this battle?
Currently, it is still quite tough. We must hold the line at 81,000; if we lose this level, it could trigger a crash mode. If we stabilize, we can take off. As long as we complete the bottoming process above 81,000, the main upward wave is likely to start before the arrival of interest rate cuts. However, if we drop below, it will be a bloodbath, heading to 78,000!
In my personal view, I am optimistic that this is just an extension of the decline, and I do not believe we can break below 81,000 unless it is thoroughly breached. Otherwise, I won’t engage in shorting at these low levels. Also, last week, we successfully bottomed out here twice and made a profit of ten thousand points!
So, on Sunday, I suggest going long on Bitcoin at a pullback to 82,000-81,500, with a stop loss at 81,000 and a target of 85,000-86,000!
For Ethereum, consider going long at a pullback to 2,080-2,050, with a stop loss at 2,030 and a target of 2,150-2,200!
A decline does not equal death, nor does it necessarily prevent new highs from emerging, as a similar pattern also occurred between May and July 2021, but Bitcoin still reached a historical high afterward.