Monday Bitcoin Alert! After the crash, is there an abyss or a trap?
Last night, Bitcoin once again plummeted, falling from just over 100,000 to below 100,000, with a low around 98,600; Ethereum also dropped from over 2,300 to just over 2,150. This crash may be related to the movements of the United States in the Middle East, with panic spreading in the market and strong bearish forces at play.
Did you enjoy that waterfall of Bitcoin on the weekend? It smashed through the psychological barrier of 100,000, heading straight for 98,600. Although it bounced back slightly, hovering around 99,300, it felt weak, lacking any vigor. In my eyes, the downward trend hasn’t changed at all!
Now, keep an eye on a few key positions:
Bitcoin: Upward push? First, look at 100,500, 101,800, and 102,700; there’s significant pressure. Dropping down? Watch for potential support at 97,200, 95,800, and 94,300, but I doubt they can hold.
Ethereum: The resistance zone is above at 2,260 and 2,310. Below at 2,100 and 2,050 looks like support, but who knows if it will hold?
What about the short term? It feels a bit like catching a breath after a crash, with bulls and bears tugging at each other. There are hints of a rebound, but it's very weak! It can’t turn the tide at all. Looking at those candlestick charts, with dojis, flat bottoms, and those indicators, they all show it’s currently a phase of choppy grinding. I estimate Bitcoin will likely fluctuate back and forth within the range of 99,000 to 101,500 for a while. The key is 102,000! If it can really surge up and stabilize with volume, who knows, it might create a stunning reversal! But that possibility... hehe, anyway, I’m highly vigilant, and risk control must be tight!
My trading strategy is super simple:
Bitcoin: As long as it dares to bounce to around 100,800-101,500, don’t hesitate, look for an opportunity to short it! The target is down to 98,000, 97,000, or even 96,000!
Ethereum: If it rebounds to around 2,290-2,340? That’s also a short signal! The target is 2,180, 2,130!
Are you stuck? When to bottom fish? Still the same old saying, if you’re confused and helpless about what to do, click on my profile and follow me. I need fans and you need references; random guessing is not as good as following!
