The fluctuations in the cryptocurrency market are never a joke of fate, but rather a selection of cognition and patience. The agony of staring at the market in the early morning, the anxiety when the green light flickers, and the regret after missing the opportunity will eventually settle into confidence through persistence. The new month's opening shows that the bears are gaining momentum and moving lower; the early session saw Bitcoin's price at a high of 91000 briefly breaking down to around 86000 to stop the decline. At this point, it's still too early to see further deep adjustments in the market. Ethereum is adjusting in sync with Bitcoin, with the market briefly retracing to around 2800 without further breakdown. The retracement maintains critical support without breaking; this market still indicates that the bulls are too heavy and retains the flavor of a washout. In the early morning, the often victorious bulls were washed out by the manipulators, helplessly stopping losses at over 500 points for Xiaosun!
In the 4-hour Bitcoin trend, although the current K-line cycle has not completely ended, a relatively large bearish candle has clearly broken below the lower band support of the Bollinger Bands. As the price moves lower, the Bollinger Bands show an expanding opening, and the price quickly declines to near the key support area. From the MACD indicator, the momentum remains weak, with the bearish momentum bars showing increased volume, and the fast and slow lines remain separated and moving downward, without a golden cross signal yet. This indicates that the short-term downward trend still has strong continuation on a technical level.
Operation suggestions:
Bitcoin: around 87000, target looking at 85000
Altcoin: around 2900, target looking at 2700
