Yesterday morning, we returned to the spike bottom from the day before. We reminded that after a quick pullback below 67800, it continued to correct and confirm before rising again, reaching a high of 68800, which is 700 points away from 69500. Judging the trend and short-term turning points is very important.
However, based on the recent one-week pullback in the US stock market, if it breaks below the previous highs, we indeed need to increase risk prevention. Many people are comparing the current situation with historical economic cycles, and looking back at "The Big Short," it does have some similarities, suggesting a new collapse. Given that Bitcoin is still in an upward trend, we can only go with the flow. If any signs appear, we should pay extra attention.
The US government address was hacked, resulting in a loss of 20 million dollars, and the attackers have begun to transfer assets. The Pennsylvania House of Representatives passed the "Bitcoin Rights" bill to provide regulatory clarity for digital assets. The BTC spot ETF saw significant inflows last week, but the inflow decreased significantly on the 23rd and 24th, indicating that institutions are also observing after the rise.
Bitcoin
Bitcoin basically aligns with our predictions. Those interested can refer to the previous videos and article analyses. I also don't like to argue with others about whether to be bullish or bearish; it is meaningless to discuss where it will rise or fall to. Everything follows the signals given by the candlestick language on the chart, adhering to the trend and following one's heart.
On the daily chart, there was a false breakout of an ascending flag pattern, followed by a converging triangle breakout and retest, confirming for the second time. In the future, 65100 is the support that cannot be broken. From a time cycle perspective, it is similar to the 32000 breakout in 2023, which had a consolidation period of over 200 days, also possessing factors for a trend change.
After breaking 68000 in the early morning, it spiked to 68800 and then corrected. In the short term, it will test the 67800 support again. If it falls back into the lower range, the market trend will become complicated.
Support: Pressure:
Ethereum
The Ethereum market is indeed very weak, following the decline but not the rise. As mentioned yesterday, the exchange rate continues to hit new lows at 0.037, raising concerns about whether altcoins led by Ethereum will face liquidation. If we are to invest, we can only focus on strong altcoins. Previously, it was mentioned that the total market cap of BTC D had the opportunity to continue rising after breaking the M-top on the weekly chart, while the ETH/BTC exchange rate continues to hit new lows, forming a two-tier differentiation.
Support: Pressure:
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The article is time-sensitive and for reference only, updated in real-time.
Focusing on candlestick technical research, sharing global investment opportunities. Public account: Trading Prince Fusu
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