Bitcoin and Ethereum, today's market analysis is here.
It's the weekend again, and first of all, I wish everyone a happy weekend. This week's market fluctuations have been extraordinary. Bitcoin dropped from a high of 110700 to yesterday's lowest point, losing 8000 points. Those who went short made a profit, but those who went long incurred losses. That's how the market works; some people profit while others lose. I hope you are among the profitable ones.
1：#BTC Bitcoin hit a low of 102600 yesterday and began to build a bottom rebound. The first wave of rebound reached 104500, encountering resistance and then retracing. It retraced to around 103800 and continued to grind and rebound. The second wave of rebound reached around 105500 before starting to retrace again. Last night's lowest point retraced to around 104000 and continued to rebound. The third wave of rebound reached around 106000 before retracing again, touching 104800 and continuing to rebound. The third wave of rebound started, pulling up to around 106200 in the morning and then beginning to retrace. As of now, it has retraced to the small support around 105500, and Bitcoin rebounded from yesterday's low to this morning's high by 3600 points. Yesterday morning, it also started to drop around 106000. Overall, it basically recovered yesterday's decline in one day, and the rebound is still relatively strong.
Everyone knows that yesterday's drop was accelerated by the war between Israel and Iran. In essence, even without the war, there would still be a retracement, just not as fast; it might take a few more days to drop down. Yesterday just accelerated the process. Now let's talk about some key levels for Bitcoin. Currently, for Bitcoin to end this wave of decline and start rebounding, it at least needs to stabilize at 106500 and break through 107000 to stop the decline. So if it can't get above this level, the rebound will continue to retrace towards lower points. If it can't break above 106500, the oscillation range between 106500-11000 is a low-level oscillation. If it goes above 106500, it will enter the oscillation range of 111000, which is considered a high-level consolidation. So how should we operate? You should be very clear on this.
Key resistance levels above Bitcoin are 106500, 107200, 108000, 108500, 109200, and 110300.
Support levels below Bitcoin are 104800, 104000, 103000, 102500, 101500, and 100500.
2：#ETH Ethereum hit a low around 2430 yesterday and began to rebound. As of now, it has rebounded to a maximum of 2580, gaining 150 points from the low. Ethereum dropped from a high of around 2880, losing 350 points, and there has been quite a bit of retracement. Currently, Ethereum is likely to grind within the range of 2450-2600 first. It won't be easy to break through this level in the short term. If it breaks above 2600 and stabilizes, it will then aim for the high oscillation range of 2700-2850. If it doesn't break through, it will continue to retrace and hover around the 2600-2400 range.
Resistance levels above Ethereum are 2600, 2680, 2730, 2800, 2880, and 2930.
Support levels below Ethereum are 2500, 2450, 2400, 2350, and 2270.
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