Good morning everyone, I am Gu Yue. Many people may feel like the sky has fallen this morning after waking up. Yesterday, Bitcoin broke through $100,000, giving many people hope. However, this morning, it started to wash out, dropping from a high of over $104,000 to around $90,000, a decline of about $14,000. It can be said that this washout was very successful. Such fluctuations can only be seen in a bull market. So, what caused this drop? The first reason is that former U.S. Treasury Secretary Summers criticized the idea of a national Bitcoin reserve, calling it too crazy. The second reason is that the price was too high, leading many institutions to start selling off to cash in, with retail investors following closely behind. However, many people find that disaster always strikes one step ahead of them; before they can escape, the market starts to plummet. This washout can only be described as premeditated.

After the washout, the market quickly rebounded, currently stabilizing around $97,000. This significant drop was a washout meant to pave the way for the next rise, or does this washout signify the end of the upward trend? In my view, this washout will not have a major impact on the subsequent rise. Although this washout has increased the panic factor, making many people hesitant to enter the market, I see it as an opportunity. This drop has actually provided many who missed the entry chance an opportunity to get in. As the saying goes, a pullback is a chance to go long. After such a significant drop in the morning, the market will definitely fill the gap during the day.

Currently, Bitcoin is stabilizing around $97,000, supported below the hourly Bollinger Bands, while Ethereum quickly rebounded after its drop, stabilizing above $3,800. The MACD green energy bars are gradually shrinking, with the trend shifting from bearish to bullish. Today, Ethereum is expected to break through $4,000.

For Bitcoin, it is recommended to go long around $97,500 with a target of $99,000 - $100,000.

For Ethereum, it is recommended to go long around $3,860 with a target of $3,960 - $4,000.

There are many types of investments, and it is important to choose the one that suits you. 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 only represents personal views and is for reference only. It should not 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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