Yesterday, Bitcoin broke through 100,000, witnessing history once again. Late at night, it rapidly plunged, dropping 14,000 points, while other exchanges still saw nearly 6 billion in trading volume. It is normal for a bull market to experience sharp declines; we do not want to get caught with too much leverage at the early or mid-stage of a bull market. Our approach has always been to not call a top in a bull market and not to short it. We focus on capturing trends and positioning for the medium to long term during pullbacks.

Previously, we reminded that during the pullback to 90,800, one could gradually increase their positions. Many people did not believe it would drop this much. Last night, the sharp drop directly hit around 90,000, and some friends had their orders filled near that level. I want to mention that the upcoming trend will likely be a high-level consolidation followed by a decline. Even if it can continue to make higher highs, it still lacks one more step of correction. This viewpoint has been emphasized for quite some time.

How long can the altcoin season last? In my personal opinion, it could be as short as 2-3 weeks or as long as 2-3 months. Reason one: If we refer to the bull market of 2020, Ethereum took about 2 months to catch up. Reason two: If we look at the price action of Bitcoin in 2023 between 45,000 and 49,000, it leaves Ethereum with only 2-3 weeks of time.

Bitcoin

The sharp drop of 10,000 points last night was just a brake for this segment of the market, but it will not stop immediately; it will continue to oscillate at high levels. We compare the market since breaking 74,000 to the segment when it broke 32,000 in 2023. Starting today, we are in the range of 45,000 to 49,000 (this will be mentioned less thereafter).

Yesterday, while discussing with some friends in Chongqing, I also mentioned that when breaking 100,000 on the 4-hour chart with huge volume, one needs to be cautious. This was also mentioned in the market analysis but was only briefly touched upon. After the drop, there will be a rebound to correct the pressure at 99,588 to 101,500. Currently, we are in the range of 90,800 to 101,500 oscillating. Support: Pressure:

Ethereum

Ethereum is still in a catch-up trend. Yesterday, I mentioned the downward trend line from 4,093 to 3,977. Last night, Ethereum led the altcoins with a relatively small drop. Ethereum's sharp drop to 3,677 has rebounded, and it is currently still around 3,956. The ETH/BTC exchange rate is still above the platform and will soon close the weekly candle, so it needs to be monitored. Support: Pressure:

If you like my views, please like, comment, and share. Let's navigate through the bull and bear markets together!!!

The article is time-sensitive and for reference only; it is updated in real-time.

Focusing on K-line technical research, sharing global investment opportunities. Public account: Trading Prince Fusu

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