Today's Market Analysis: BTC ETH
Bitcoin: Conclusion, it hasn't finished dropping
Simply put, a huge amount was released during the drop, and a particularly deep needle was inserted, but I still feel that it hasn't completed its movement. It rose for 2 months and has only dropped for one day; moreover, I haven't seen any signs of it stopping. Many people like to catch the needle, trading on the extreme left side; I personally prefer right-side trading. Let's wait for it to stabilize before discussing it. The support levels below are 112000, 110900.
Ethereum: Conclusion, it also hasn't finished dropping (it has also released a huge amount)
Today's drop has rumors circulating that Bybit has been hacked again. I quickly contacted my Bybit BD to confirm it was a rumor. We can't just focus on this one exchange too much 😄. Looking at the technical aspect, there are two downward central points (forming a downward trend type). The first is at the current level, and the second has expanded to a larger level. Regardless of its level, overall, there are no signals of stopping the drop. The red rectangle drawn in the middle (support level) has also been broken, and it just paused for a moment before dropping again. The support level for Ethereum below is 4070.
No matter how many news events or various explosions happen, you can consider it as taking advantage of such opportunities to manipulate the market; don't take everything at face value. When to avoid risks is crucial; it’s no problem to exit at a high position to avoid risk.
Why not talk about other cryptocurrencies? These two have dropped, and there isn't any coin that can escape this (although BNB remains strong 👍🏻). I advise everyone when placing orders to pay attention to the trends of Bitcoin and Ethereum; even the strongest independent trends will follow the movements of Bitcoin and Ethereum, especially Bitcoin.
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