The moment of the plunge has come, and Bitcoin prices have fallen back. After a few days of rising, we are encountering the first effective correction.
In the afternoon, the market showed a step-by-step oscillating decline, and in the evening, after rebounding to around 111348, shorts began to increase their positions, sharply dropping down, with the big bearish candle hitting a low of 107000 within two hours.
The daily chart shows a medium bearish candle going down, completely giving back the gains from yesterday. The Umi duo layout also stopped in a timely manner. This is the charm of real stability.
Currently, we are still testing the support at the 108000 level mentioned by Umi today. If we can stabilize around 108000 after the U.S. stock market opens in the evening, this round of correction can still be viewed as a normal pullback after a rise. We remain bullish for the future; otherwise, we need to be cautious as the market may continue to probe deeper levels around 105000.
In the evening, Umi lightly withdrew.
Bitcoin targets 108000-108500 with a goal of 111000.
Ethereum targets 2500-2530 with a goal of 2650.
