The position of 68,000 above the Bitcoin daily line is quite critical. The trend line pressure level is also a very important watershed in the battle between long and short positions. Once the entity breakthrough is completed, the market will truly usher in a big reversal. As long as the breakthrough is completed, it is expected that Bitcoin will soon reach the level starting with 7.
The current stage of the market clean-up is also quite serious. In recent days, it is not uncommon to see a direct increase of 2-3 thousand dollars at the hourly level. Last night, it was 6.55w-6.79w, and then it dropped directly from 6.79w to 6.48w, a drop of 3,000 dollars. Basically, both the long and short positions of Heyue took away a lot. The spot also fluctuated up and down.
Up to now, it has almost recovered, but the small level has reached 6.7w again. The rise is obviously weak. If this position cannot hit a new high, it is very likely to fall back. If it falls back, pay attention to 6.5w below, which is a good support and buying point. It is also the position where you plan to turn short.
Ethereum is lagging behind. Bitcoin is back to around 70,000 soon. Ethereum is still around 2,600. In July, when Bitcoin was at 70,000, the corresponding price of Ethereum was around 3,500. There is a difference of 900 dollars from the current price.
After the Ethereum ETF was approved, it did not usher in a strong period like Bitcoin. This is also what has been said for a long time. One of the main reasons why Ethereum has not been able to make up for the rise. There are many reasons why the price of Ethereum has not been rising in volume. Unlimited issuance (token volume) Founder Vitalik Buterin and the Ethereum Foundation's selling. There is no continuous inflow of ETFs. Most of the outflows
Another major reason is that the ETF BTC exchange rate has been sluggish. Yesterday, it fell directly to around 0.0388 as the market accelerated its decline. It is still below and has not recovered. Due to various reasons, the price of Ethereum has been mediocre.
However, there will definitely be a strong period of rebound later, so give it more time. As the leader of the two cakes, it is impossible for it to remain so depressed. The spot price around 2550 is a good buy position. It is also a good choice for large investors to hold positions and make fixed investments.
The spot that I shared earlier has a good space for this wave of rise. I have seen many brothers pocketing in batches, and several of them have come to me to ask for spot orders.
Don’t be in a hurry for now. If the price reaches around 65,000, I will scan the market and find some good spot stocks to share.
At present, many people are still very optimistic about the FOMO sentiment. However, if this wave of high-level fluctuations only hits a secondary high and there is no volume and price driving the impact of a new high, there will definitely be a correction. Just wait patiently for the buying point to come out.
