Last night, the Bitcoin spot ETF was officially launched, and the market responded enthusiastically. The opening price was high, showing investors' strong interest in Bitcoin. However, it fell at the close and broke the issue price, which made the outside world feel the volatility of the currency circle for the first time. The price of Bitcoin once hit the high of 49,000, but failed to stabilize this key support level, and then went out of the big negative line. In the early hours of the morning, the price even dropped to a low of 45,500. At the same time, Ethereum also failed to hold the 2,700 mark, and stepped back to around 2,570 before barely stopping the decline.
In the community, Uncle Yang has been reminding everyone to be cautious, especially on the first day of the ETF listing. He predicted that the market might fluctuate due to the launch of new products. Sure enough, during the day, the price of Bitcoin began to rebound after testing the support near 2570. In the evening, Uncle Yang gave real-time short order entry suggestions and emphasized the need to set a stop loss. Because the market was volatile at the time, this strategy received a lot of responses from investors.
For those who followed Uncle Yang's operation, this short order was undoubtedly a successful transaction. In such a volatile market environment, it is not easy to seize the opportunity and obtain considerable returns.
Ethereum market trend analysis: the interweaving of long shadows and technical indicators
Last night, the Ethereum market showed a wave of highs and lows. The price once hit a high point near 2690, but then fell back, forming a hammer line pattern with a long upper shadow. After such a surge, market sentiment gradually returned to calm.
From the technical indicators, KDJ and RSI are currently in the overbought area above 80. This usually means that there may be a certain correction pressure in the short term. If today's price can fall below the moving average support below the daily line and go out of the big Yinxian to form a daily level evening star, then the market may have a wave of retracement.
Ethereum hourly line analysis: interweaving of shock and repair
Recently, Ethereum hourly chart has shown a wave of continuous rebound. The price once hit a high of 2691, but then fell back and is currently fluctuating around 2600. The support level near 2570 has been tested many times, but has not yet fallen below.
From a technical perspective, the MACD green volume column has shrunk, indicating a possible trend of forming a death cross. Other technical indicators also show a downward trend.
In this context, we can note that the market may retest the rising trend line below again, with support around 2565. If this support level is broken, the market has the opportunity to further fall to around 2545 at the Fibonacci retracement line of 0.236.
Considering the big rebound last night and the fact that the ETF did not see a sharp rise or even break the issue price, I believe the market will enter a period of shock consolidation to repair the drawbacks caused by the rapid rise.
In today's operation, it is recommended to pay attention to the market's shock and pullback. During the period when the market has not fallen below the big positive line, especially for those who tend to short, it is necessary to maintain a more cautious attitude. The market is changing rapidly, and a sound operation strategy will be the key.
Operation suggestion: Enter the short position near the rebound of 2615-2655, stop loss at 2680, take profit at 2550-2500.
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