Massive shakeout, bulls finally break the shackles! BTC/ETH gained nearly 5000 points during the week, precise layout is key.
In the past week, the cryptocurrency market staged a thrilling 'V-shaped' reversal once again. The market initially fell and then surged, with significant volatility, presenting huge challenges to those holding positions, while also creating rich profit opportunities. This week's core framework is clearly divided into two phases: the continuous decline seeking a bottom in the first half of the week and the strong rebound breaking new highs in the second half. Bitcoin started a retracement mode from a high point of 118000 on Monday. Although there was a rebound during this period, the focus continued to shift downwards. After successfully probing the weekly low support at 111625 on Friday, the bulls launched a fierce counterattack, rebounding to a high of 117397, with a daily volatility of nearly 6000 points! The final weekly line recorded a long lower shadow candlestick, indicating strong buying support below. Ethereum's trend is more tortuous and robust compared to BTC. On Monday, it oscillated downwards from a high point of 4570, and on Wednesday it briefly fell below key support, touching a low of 4060. However, the market quickly completed the accumulation of bullish momentum at this position and exploded on Friday evening, strongly breaking through the previous high, setting a new historical high of 4888, completely opening up upward space, and then retreating to around 4700 for healthy technical adjustment. This week, the team captured a considerable range of over 26000 points in BTC and over 2260 points in ETH, maintaining a winning rate of over 85%. This is not due to precisely predicting every fluctuation in the market, but rather based on strict execution of key technicals: holding support to go long, increasing positions on breakthroughs, and stopping losses when support is lost.
Next week's outlook: BTC needs to pay attention to the breakthrough of the previous high resistance at 117400. If it can effectively hold above this level, it is expected to make an attempt towards the previous high and even 120000. After reaching a historical high, ETH has the technical advantage, and the short-term adjustment is to accumulate more upward momentum. The market can view 4700 as a new support platform, with an upward target of 5000 psychological barrier.
The market is always fluctuating, and sentiment swings between fear and greed. Only by discarding noise and adhering to technical discipline can one stabilize their position amidst massive shocks, and when the trend arrives, let profits run freely. Congratulations to all the students who kept up with the rhythm, we will fight again next week!
