The cryptocurrency market is not a gentle place; no one can succeed casually. You may reap substantial rewards at a certain moment due to a precise operation, but never let a brief victory cloud your judgment. Remember, the market changes rapidly; momentary profits are just fleeting illusions. Only through continuous learning and enhancing your understanding can you stand firm amid these tumultuous waves. The day's market on Tuesday is also nearing its end. After a strong rise in Bitcoin's price early in the morning, it reached the 116938 level but was unable to break through the 117000 mark due to pressure. After the surge, there was no continuation, leading to a retracement and a bottoming trend; the afternoon market primarily operated around a consolidation phase. In the evening, bulls attempted to rebound but were still suppressed, leading to an increase in bearish sentiment, and Bitcoin's price fell again. It touched a low of 113700. Ethereum faced pressure after touching 4386 in the morning, with two rounds of downward spikes leading to substantial breakdowns. Currently, the Ether price has fallen below 4200, reaching a low of 4180.
From a technical perspective, Bitcoin has broken down from an ascending wedge pattern on the daily chart and formed a double top pattern in the 123000-125000 range, suggesting a potential further drop to the 110000-112000 area. 115000 has become a key psychological support level; a drop below this level may accelerate the downward momentum. For Ethereum, the 4200 level is crucial—this is a key support level coinciding with the liquidity cluster and EMA support area. If lost, it may drop to the 3950-3800 demand zone. The MACD indicator is still expanding in a bearish market, confirming short-term weakness.
Trading Suggestions:
Bitcoin: Target 112800 near 114000
Ethereum: Short target 4100 near 4200
