Bitcoin has broken below the MA120 and has directly started a significant downward trend. As of the time of writing, Bitcoin has dipped to 86,800. Ethereum is at 2,313. Yesterday, I also reminded that Ethereum's 4-hour chart had a rising trend, and if it breaks down, we could see it drop to 2,500 or even 2,250—2,350.

The market is in extreme panic. A few days ago, I mentioned that if the support around 90,000 is lost, there is a chance it could drop to 8.5K or even 7.6K. Many people criticized this, but today it has reached 8.68K.

Yesterday, MicroStrategy increased its holdings, and El Salvador's MicroStrategy did the same, but it didn't follow the trend effectively.

Bitcoin

From the current market perspective, the rebound is still very weak. I have consistently emphasized that if the rebound cannot recover key resistance, it is an ineffective rebound.

The U.S. stock market opened with a sharp decline, with the Nasdaq dropping 1 point at the open, continuing this trend for three to four days. Therefore, I mentioned last week that I am very concerned about a potential crash in the U.S. stock market that could lead to a significant drop in Bitcoin. The results have largely aligned with this concern; we are just waiting for a symbolic point to label it as a black swan event.

Bitcoin has moved from testing the 90,000 support to now testing the 85,000 support. The volume of the decline does indicate selling pressure, but currently, there hasn't been a significant rebound, and it will continue to drop. We will see if the support starting with 8 can hold for a rebound or if it will drop to a support starting with 7. There is no rush to bottom-fish in the spot market.

Support: Resistance:

Ethereum

The narrow fluctuations and the 20-day rebound cannot break through the resistance, leading to continued declines. Yesterday, I also mentioned that if it breaks the 4-hour rising trend, there is a chance it could drop to 2,500 or even 2,250—2,350.

Ethereum's lowest point was 2,323. Bitcoin and Ethereum are experiencing a short-term decline with some support and are testing the short-term bottom support. We will see the strength of the rebound around 2,100. According to my expectations, if Bitcoin drops to the 7 range, Ethereum could potentially drop to 1,600—1,900. However, from the current perspective, there is still room for further decline.

Support: Resistance:

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This article is time-sensitive and for reference only; it will be updated in real-time.

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

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