Today's Market Analysis
$BTC Bitcoin fell after opening high in the US stock market yesterday, breaking through the first support level, then rebounding around 107000, but the rebound was not strong and it started to probe downwards, indicating that there is a strong support here. Once the support is broken, the downward trend becomes unstoppable! This morning, negative news from Trump launching Plan B and imposing tariffs globally started to take effect!
It is important to note that the previous low on the Bitcoin daily chart has now been broken! It is currently in a correction phase. Today, pay attention to the key support level of 104500 on the hourly chart. As long as this position is not broken during the correction, it proves that this wave of downward correction is over! The upper pressure is at 106400; as long as the hourly close can stay above this level, it will continue to rise, potentially reaching around 107800!
$ETH Ethereum fell all the way down after the US stock market opened yesterday without looking back. Although it rebounded at 2620, it started to correct at 2674. After several unsuccessful tests of pressure, it began to consolidate! However, the saying that prolonged consolidation leads to decline has been particularly true, especially in the context of an established downward trend! When the US stock market broke below 2700, everyone should have realized that the downward trend has formed; stop-loss is always the key tool for turning back!
Ethereum is currently probing the bottom at 2556 and has rebounded strongly! The key support below is at 2605! As long as it doesn't break below this level, it will rise again! From the hourly chart, the key pressure point is at 2644; as long as the hourly close can stay above this price level, it proves that this wave of downward correction is over!
Remember that stop-loss is your key tool for turning back! Blindly holding positions will only lead to liquidation! Acknowledge when you're going in the wrong direction! Go with the trend!
Focus for the day: WCT TRB DEXE
