Market Review

Grasp the trend with enough patience, and you will never worry about victory in the circle. In yesterday's market layout, we clearly outlined the short-term strategy of Bitcoin at 69500 and Ethereum at 3550. Although the market has entered a long period of consolidation in the future game, it still gave us a good opportunity to exit after reaching 71900 and 3566 after the opening of the US stock market. As a short-term layout, we successfully gained more than 2000 points for Bitcoin and more than 100 points for Ethereum, which is quite satisfying (Perfectly Escaping the Peak and Taking Profits for Bitcoin and Ethereum). However, due to the sudden decline in the US stock market, Bitcoin suddenly plummeted by more than 2000 points to reach the 69000 support level. Some may start to discuss the trend reversal, but in Yunsan's view, the trend has not changed, it's just a necessary consolidation in the market.

Intraday Analysis

There is currently no macro analysis to be made. We can still focus on the market. We can see that after the sudden decline, Bitcoin fell below the 69000 support to reach the 68500 level and then rebounded. This level corresponds exactly to below 50% of the decline, which is a clear continuation signal, indicating that this short-term pullback has not yet ended. It is not advisable to chase long positions above 70000. Looking at the 1-hour trend, although the candle is about to turn positive, the next candle still has a certain gap from the MA60. Therefore, before the next candle closes, we must consider placing long positions. However, we must be cautious of a complete retracement at the 1-hour MA120 level, which would make 67500 our best position for adding to long positions.

Intraday Suggestions

For Bitcoin, you can enter the market at 68000 and add to your position near 67500. The target is around 70000, and if it breaks through, continue to look for a breakthrough at 71900. For Ethereum, you can enter the market at 3580 and add to your position near 3560. The target is around 3680, and if it breaks through, look for a breakthrough at 3800.

For more strategic guidance, follow Yunsan's Weibo, a financial analyst with 500,000 followers: Blockchain Yunsan

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