Bitcoin Today's Market Analysis
The recent market is quite volatile, and it seems that technical analysis is not working. The more analysis conducted, the smaller the margin for error.
Last night, Bitcoin attempted to break through the resistance near 95, but before it could make contact, it fell back. The 95 resistance is still significant; if it reaches that point, one could consider a gamble, setting a stop loss of 500 to 1000 points. It's better to wait for Bitcoin to pull back to around 89, which could be an opportunity to go long. Bitcoin has dropped from 110,000 to 74,000, a decline of nearly 40,000 points, and now from 74,000 to 95, it has rebounded by 20,000 points. This is typical of a bear market; there will be a rebound of half the drop, and we are currently at that point, having rebounded by half of the decline.
Currently, Bitcoin is in the range of 88 to 91, accumulating many shorts, and it is likely that this batch of shorts will be liquidated before it drops further.
Today's resistance levels for Bitcoin are:
95,000 98,500
Support levels below are:
91,900 90,500 88,500 nearby
Today's resistance levels for Ethereum are:
1,830 1,870 nearby
Support levels below are:
1,740 1,690 nearby $ETH