Market Interpretation
Today the Bitcoin trend is very disappointing! It just broke through the platform and was met with heavy selling, resulting in a reversal-style decline, which is very likely a turning point in the trend.
If the trading volume continues to increase after the U.S. stock market opens tonight, and the closing pattern does not improve or even worsens, then the short-term trend may come to an end, and we must be vigilant about the medium to long-term trend turning point!
Although there is support around 100,000, in the face of a trend turning point, this level of support is simply insufficient. The next couple of days' trends are crucial, and we must keep a close eye on the possibility of a trend turning point.
ETH is closely linked with Bitcoin, and there are currently signs of capital outflow; now we are just waiting for Bitcoin to clarify its direction. If Bitcoin can maintain its upward trend or high-level consolidation, ETH still has room for an increase.
The altcoin market is also following Bitcoin. After Bitcoin starts adjusting, capital has fled to safer assets.
In the future, for altcoins to rise, they must rely on Bitcoin to create a favorable market environment, which requires market stability and optimism, but right now the market is filled with panic.
The current Fear and Greed Index is 74, so everyone must operate with caution!
