Today's Cryptocurrency Market Analysis!
After the US non-farm data was released last night, Bitcoin experienced a rapid spike in a 15-minute timeframe. Subsequently, negative sentiment was released, and the US stock market opened higher, driving BTC to challenge the resistance level of $110,400 again. Analyzing the current market heatmap, BTC has formed a significant capital contest area in the $108,400 to $110,600 range, which represents a new price fluctuation zone.
For this market situation, the optimal strategy is to sell high and buy low: consider shorting as you approach $110,600, and consider going long as you approach $108,400. Personally, I am more inclined to position short orders in advance as we near the $110,600 level, as there is more room for a downturn below, and there is a clear stop-loss defense level above. Of course, one can also choose to trade on the right side, that is, chasing long orders after breaking through $110,600, but be cautious of false breakout risks—if the price quickly breaks out and then immediately pulls back to close with a bearish candle, you must stop loss immediately.
Regarding Ethereum, the heatmap also shows a dense area of capital contest. Why did it drop back after spiking to $2,635 last night?
Because this position is where many short orders near $2,600 have their stop-loss or liquidation prices. The market makers deliberately drove the price here to sweep away these stop-loss and liquidation orders, creating a vacuum area above, which has not recovered to this day.
In terms of specific operations: if engaging in left-side trading, one could ambush a short near the $2,660 resistance level and go long at the $2,550 support level; if engaging in right-side trading, one would chase short after breaking below $2,550, but if the price quickly breaks below and then recovers, one must stop loss immediately, with a target of $2,390 below.
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