Last night, Bitcoin plunged again, and the reason for this drop is quite amusing, with 'not reliable' and 'Old Ma' openly arguing. After the argument, 'not reliable' retaliated with policies, while Old Ma's car stock plummeted. The cryptocurrency market was once again negatively impacted and accelerated its decline. Originally, there was an expectation for a rebound after a slight drop below the new low, but this plunge affected that expectation, prolonging the rebound time. Currently, after a rapid drop, there is an expectation for a rebound in the early trading session, but one should not be too optimistic too early. With increasing declines, after a rebound, it will likely fall back again, releasing bearish momentum. If one wants to participate, it should be a quick entry and exit, just take a bite and run. Overall, the market is in the late stage of adjustment; both bullish and bearish directions can participate. First, seize a rebound, and then wait for the high point of the rebound to short. Pay attention to the news; 'not reliable' is indeed unreliable, and he has a hand in every recent decline.
Short contract position for Bitcoin, short operation near the resistance level around 103420, take profit near 100300, stop loss at 104220.
Long contract position for Bitcoin, long operation near the support level around 100000, take profit near 103400, stop loss at 99200.
Ethereum was significantly affected by Bitcoin's plunge last night, resulting in a sharp drop in the market. This plunge directly broke through the low point of the consolidation range, shattering the expectations for an upward move. In the short term, this downturn needs to be digested, transitioning from a consolidation market to a bearish market. While other cryptocurrencies are experiencing significant declines, Ethereum can no longer maintain its recovery momentum. Yesterday's plunge directly joined the bearish trend.
After the plunge last night, there is an expectation for a rebound today, but it is relatively close to the resistance level of 2490, limiting the space for this rebound. If you truly participate in the rebound, be quick in and out, setting up short positions near the resistance. Wait for another decline. Ethereum always looks at Bitcoin's movements. When you find that Bitcoin is sharply rising or falling, Ethereum is likely to follow. The key to maintaining the recovery trend is to quickly repair the downtrend space. If this condition is not met, it is better to release the bearish energy from this adjustment first.
Short contract position for Ethereum, short operation near the resistance level around 2477, take profit near 2380, stop loss at 2492.
Long contract position for Ethereum, long operation near the support level around 2340, take profit near 2475, stop loss at 2300.
The opinions are for reference only, with stop loss and take profit advised.