The downward trend will stop, and a new wave of upward momentum may emerge

In yesterday's briefing, Li Mu once again emphasized to everyone that the downward trend has not yet stopped and clearly stated that there is still a downward probe towards the 80,000 mark in the structure of Bitcoin. As expected, with the takeover in the US market, institutions began a new round of ETF selling, leading to a pullback in the market, with Bitcoin refreshing its recent low of around 82,000. Ether also fell to 2,250, followed by a small rebound.

Analyzing the future market, although this round of decline did not test the expected 80,000 mark, it did find medium-term support at the 60-day moving average on the 3-day level and the 30-week moving average. Therefore, it is bound to attract some buying interest in the short term, followed by a new round of fluctuations at the daily level. It is expected that after the next round of declines fills the gap below, a new round of upward movement will begin. Friends who are positioning for long trades need to remain patient.

Focusing on the short term today, Bitcoin is currently near the short-term resistance at the 15-minute level MA120. Under the influence of the trend, there is no need to focus on breaking positions. A short position can be arranged near 86,400-87,000. The short-term target looks down towards the vicinity of 85,000. If the short-term resistance breaks down, we will continue to look at the previous low of 82,000 or even the 80,000 mark. Ether is also expected to look down around 2,380-2,410, targeting 2,330-2,300. If the short-term resistance breaks down, we will look at the previous low near 2,250.