Bitcoin has switched back from digital gold to digital status, as the Middle East conflict ignites a bloodbath in the crypto space! The airstrike on Iranian nuclear facilities was precisely timed to start after the U.S. stock market closed, and I suspect it was intentionally done to 'protect the rise of the U.S. stock market'. Bitcoin fell from a high of nearly $109,000 to $102,000, with altcoins dropping nearly 20% in a single day.
Recently, I have been warning in articles about the risk of a crash (Epic waterfall! Is it the night before Bitcoin's collapse? Ethereum whales are hoarding again, or is it a trap? Altcoins flash crash by 50%! Is this coin going to zero? How can Alpha take three bites from one fish? BTE skyrocketed by 10 times!) that Bitcoin may face a 'big waterfall'! Currently, it is a B-wave rebound, which is a final inducement for bulls. The C-wave decline may begin on Wednesday or Thursday, with the best long position around $103,000. I went long around $102,900.
Yesterday's article (Night of Liquidation! Bitcoin and Ethereum crashed as expected! Should we cut losses at the top or buy the dip? SOL ETF's good news is actually a scheme by the manipulators? KMNO surged by 368%! How should altcoins be positioned?) clearly stated that Ethereum's $2,720 is the target for this round of correction, and short positions can be reduced here. If it breaks below $2,655, the price will continue to decline. I shorted according to plan.
Bitcoin (BTC)
Yesterday, the daily line formed a bearish engulfing big candle, and we need to closely monitor whether it can hold the key level of $105,000. The short-term bull defense point of $106,500 has been broken, turning into a pressure level, making it difficult to break through again.
Currently, the minor support at $103,250 has temporarily halted the decline, but if the rebound cannot break through $106,500, the trend remains bearish. The situation in the Middle East is unclear, and a test of $100,300 is expected soon. Pay attention to tonight's breakthrough at $106,500 and the dynamics of the U.S. market. If there are slight positive signals, it may lead to a direct surge or a second bottom test before an upward attack, with a target of $107,400 after breaking through. (Personally, I tend to continue to layout short positions after the rebound. If it breaks below the daily lower track and $100,000, be sure to set stop-loss protection.)
Ethereum (ETH)
The brief independent market is affected by the U.S. stocks and BTC, oscillating within the $2,300-$2,800 range. Although it broke below the support levels of $2,730 and $2,660, it currently finds support at $2,440. The key supports below are $2,380 and $2,320. As long as the range is not broken, there is still hope for high-level oscillation, and there may still be upward opportunities in the future.
Altcoin
The market plunged today, and Bitcoin's K-line is still relatively stable, but the altcoins are in chaos. Small coins like PEPE have almost halved in value. Fortunately, we advised clearing positions and shorting in previous periods, and I hope everyone has gained something. In the past two weeks, our multiple short operations on ZK and Trump have brought surprises, and the profits from short positions have been exhilarating!
Gold token PAXG, earlier today, which big brother was so eager to buy gold at market price, they are surely passing the buck to someone else.
On-chain
$RICO little hedgehog
On the SOL chain, it surged directly from 0.001789 to 0.006452, with a profit of 260%.
$alon
You say the market situation is poor, but $alon reached a new high this morning. I tell you the position is at 10m, and there is a reasoning behind alon's operations. Now it’s just a matter of when it will break the resistance level.
