This morning saw another wave of sharp declines, with Bitcoin plummeting directly to around 100,300. The drop was both fast and fierce, breaking through several support levels along the way. Ethereum also followed Bitcoin into a nosedive, temporarily stabilizing at a low of 2,379.
Personally, I believe that such a rapid and fierce drop will certainly lead to a rebound for adjustment, just like Bitcoin is currently rebounding.
Looking at the current situation:
Bitcoin daily chart: This drop seems to have occurred in two waves; when it surged to 105,000, it suddenly shrank and plummeted. I think this wave of decline is almost over, and it is now adjusting. The price has returned to a previously significant resistance level, and I judge that we need to see if it can hold the 103,000 level. If it can't hold, it is very likely to continue dropping and test the major threshold of 100,000.
Four-hour chart: I see this trend as a typical one-sided decline, with very strong bearish momentum. It broke through key levels and closed at a low, indicating that the downside space has been opened up. Moreover, the rebound looks weak and lackluster.
So my operational thinking is very clear: I still see it as bearish, waiting for it to break through new lows before continuing to look downward.
Specific operational suggestions:
Bitcoin: Consider shorting in the range of 102,300 to 102,800 in the morning, targeting near 100,000.
Ethereum: Consider shorting in the range of 2,450 to 2,480 in the morning, targeting near 2,350.
If you want to make money, don’t be a lone warrior! Follow me, and let me know your thoughts in the comments, let’s seize the lucrative opportunities in the bull market together.
Pay attention to: LA LPT ETH TRB
