The broader market still hasn’t managed any meaningful rebound today and remains quite weak overall. Bitcoin occasionally bounces when it falls, but buying support hasn’t held up. The rebounds have clearly lacked strength, suggesting that bears still have the upper hand.
Today’s outlook: Continued choppy trading with a downside bias. The key level to watch is 76000 and whether it can hold. Personally, I think a break below it is still quite likely.
Technically, the daily chart remains in a downtrend, and there are no clear signs of a short-term bottom. There is some support around 76000, but buying has been weak during recent rebounds, so I think it will be difficult to hold this level decisively. If 76000 breaks convincingly and the market fails to reclaim it, fear could intensify, triggering another wave of selling and accelerating the decline. The next level to watch below is around 75000.
On the news front, vote counting for the U.S. midterm elections is still underway, and the market is watching closely to see how the results unfold and what policies follow. Until the outcome becomes clearer, many investors may stay on the sidelines, and trading sentiment is relatively cautious. There is also a risk of further escalation between the U.S. and Iran. With so many uncertainties, people are even more reluctant to take action. The broader market is already weak, and another sudden negative development could easily send it lower again in the short term.
However, we’ll need to look at the latest data to determine whether trading volume and liquidity have fallen significantly. We can’t conclude that institutions have fully withdrawn just because of the elections.
As for trading, the main approach is still to look for short positions on rebounds at higher levels. Avoid blindly chasing shorts while prices are falling.
BTC: Look for a rebound to around 78000, or seek short positions at higher levels; take-profit targets at 76000 and 75000
ETH: Look for a rebound to around 2300, or seek short positions at higher levels; take-profit targets at 2240 and 2180
SOL: Look for a rebound to around 93, or seek short positions at higher levels; take-profit targets at 90.5 and 88
These are reference areas I personally plan to watch, and there’s no guarantee prices will reach them. If there’s a high-volume breakout and the trend reverses, the outlook will need to be adjusted accordingly, along with risk management.
I still have a bearish bias today. After a string of declines, a technical rebound could happen at any time, but a rebound doesn’t mean the trend has reversed.
Until the daily downtrend has genuinely turned around, it’s best to remain cautious and keep a close eye on 76000 in particular. If it holds and is followed by a clear rebound on strong volume, there may still be an opportunity for short-term consolidation and recovery. If it breaks decisively, be prepared for the market to continue lower in search of support.
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