Oh dear, the altcoins have really dropped a lot this time, some have dropped by seven or eight points. It turns out that Bitcoin (the big pie) dropped over 1 point and caused this collapse. A few days ago, I reminded everyone not to chase the price up; those who held back from buying are not affected by this drop. I am a cautious person and do not engage in activities where the risk exceeds the profit; I prefer to stay in cash and observe.
From the perspective of Bitcoin on the daily level, it previously rose by 13 points and has only dropped a little over 4 points from the top; how can the market maker keep pushing up? A few days ago, I talked about what would happen after the short positions got liquidated; does everyone remember?
The key to this drop is whether the previous low of 1007 (there may be a unit error; based on context, it should be 100700) will be broken; if not, there is a high probability of a subsequent rebound. Ethereum (the ether) is similar; the previous low is around 2415, which is the bottom support level for wide fluctuations on the daily chart. If it breaks down, it may lead to a deep correction, so everyone should pay close attention.
Night Market Analysis
• Bitcoin: The recent sharp dip touched the second support level given during the day and began to rebound. Key focus for the night is on the price level of 102700; only if the price stabilizes above this level can we expect a rebound trend on the 1-2 hour level. Watch for resistance levels around 103850, 104870, and 105860. If the night rebound cannot stabilize above 102700, it indicates weak rebound strength and is likely to continue retracing. First, pay attention to the recent low of 101460; if it does not break down, there is still a chance for a small-level rebound; if it breaks down, watch for support levels around 100675, 99400, and 98000.
• Ethereum: The recent sharp dip broke the second support level given during the day and then rebounded. Watch this position of 2565 during the night; if it stabilizes above this price level, a rebound on the 1-2 hour level will start. Watch for resistance levels around 2597, 2635, and 2677. If the rebound cannot stabilize above 2565, it indicates weak rebound strength and will continue to retrace. First, look at the recent low of 2475; if it does not break down, there is a chance for a small-level rebound; if it breaks down, watch for support levels around 2415, 2361, and 2315.
• SOL: The recent sharp dip just reached the second support level given during the day and then rebounded. Focus on the price level of 172.7 for the night; if it stabilizes above this level, a rebound is expected on the 1-2 hour level. Watch for resistance levels around 175.2, 178.3, and 181.8. If the rebound cannot stabilize above 172.7, it indicates weak rebound strength and will continue to retrace. First, look at the recent low of 166.8; if it does not break down, there is a chance for a small-level rebound; if it breaks down, watch for support levels around 164.3, 161.1, and 158.5.