What happened tonight?

U.S. stocks plummeted, the cryptocurrency market fell sharply, gold dropped significantly, futures declined, mutual funds dropped, and currencies also fell!

Good evening everyone, I am Li Feng. Bitcoin has been consolidating for a day, and after the U.S. stock market opened, it made a big move. As I mentioned yesterday, rational people know that a pullback is on the way, and here it comes directly.

Tomorrow is Friday, whether it will be black or not is still uncertain. The continuous peak patterns of KDJ have now converged into three lines. The Bollinger Bands on the daily chart have shifted towards a narrowing pattern today, with the price currently near the middle band. The MACD bearish energy bars are increasing, and market sentiment is quite bearish. Here, I advise everyone not to blindly short. We are actually in an early stage of a bull market; although there are pullbacks, there is also a lot of positive sentiment, so there is not too much concern about breaking down. Strong support is at 70500, and the watershed is at 69500. The probability of a one-time drop below is low. In my view, the overall trend still remains bullish.

I remain bullish on Bitcoin tonight, looking for longs around the 70600 area, which is a point for swing trading, with targets set at 72600-74500. The watershed defense level is our last stubborn point at 69500.

That's all for now, keep an eye on the market, stick to your ideas, and I wish everyone success. For those who are trapped, feel free to leave a comment.