Good evening everyone, I am Gu Yue. The sudden drop caught us off guard, with Bitcoin falling from around $99,000 yesterday to about $92,000, a drop of nearly 7,000 points. Ethereum dropped from around $3,550 to about $3,300, a decline of nearly 250 points. The drop is significant, and currently, on the hourly chart, it has fallen to the lower Bollinger Band. As for the current situation, the downtrend has not improved. On the four-hour chart, the MA moving average has crossed below the middle Bollinger Band and is diverging downwards, indicating that the decline may further expand. The current position has not yet reached a bottom, but the risk of shorting at this level is also high. A better suggestion is to wait for a rebound after the drop to go long, which is more stable.

Currently, Bitcoin's support based on Fibonacci retracement analysis is at $90,431, which we need to pay close attention to, as it aligns with the middle Bollinger Band support on the daily chart. For Ethereum, we are watching the $3,200 support. If anyone needs to trade tonight, it may be feasible to wait for a rebound to short, or to wait for a drop to go long. The upper resistance for Bitcoin is at $94,300, and for Ethereum, it is at $3,430.

Go long on Bitcoin near $91,000 with a target of $94,000.

Go long on Bitcoin near $94,000 with a target of $91,000.

Go long on Ethereum near $3,200 with a target of $3,400.

Go short on Ethereum near $3,400 with a target of $3,200.

There are many types of investments, and it is important to choose what suits you best. There are many paths, and choosing the right guide is crucial. I am Gu Yue, interpreting world economic news, analyzing global investment trends, and providing daily market analysis to offer you the latest trading strategy ideas and professional investment consulting services to help you reach the peak of financial management.

This article represents personal views only and is for reference only, not to be used as a basis for actual operations. Market conditions are unpredictable, and profits and losses are at your own risk. For the latest trading strategies, follow the public account: Gu Yue KOL.

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