The turning point is approaching. On Friday #bybit被盗, Bitcoin fell rapidly, directly dropping by 4,000. If the 1.5 billion US dollars had not been stolen, there would not be much room for it to go up.
Let’s talk about Pie in the Sky first. From a long-term analysis, in the past week, Pie in the Sky has been plundering liquidity (as shown in the picture). Maybe everyone feels very painful when placing orders. The weekly line closed with a long upper and lower shadow, and the closing price is lower than last week’s closing price. So there is a high probability that it will still go down in the new week. Combined with the economic situation and topics, it cannot support the upward momentum of the market. The recent trend is still to start with eight.
The 1-hour candlestick chart for Bitcoin shows a nearby supply area, and there is also an FVG above. It is likely that the price will touch the lower supply area and then bounce back to the FVG, which could just raid the high point of 22. Should the stop loss for going long be placed at 948? It is easy to be raided.
Let's talk about Ethereum, this is quite interesting. After Bitcoin's sharp drop, Ethereum has slowly recovered. I've been waiting for liquidity raiding around 2860. If the price can reach here, it would be an excellent position for a short. I will place 1/3 of my position to short. Ethereum has relatively strong support behavior, and I think the goal might be that if Bitcoin retraces to 85, Ethereum will not break the low of 21. The low of 21 is very unlikely to be broken.
Currently, I have entered a short position for Ethereum at 2800, with 25x leverage. If the price rises to around 2860, I will add to my position, and 2920 will be my stop loss.
Bitcoin doesn't have much desire to grow, after all, Ethereum and BNB have a better cost-performance ratio.
If you have questions about altcoins, feel free to leave a comment. I will reply to everything I see.
