Good early morning, everyone! It's Jiu Ye here. Let's briefly talk about the big picture for Bitcoin. I mentioned last year that the head-and-shoulders pattern had a gap around 49000. After the market dipped to 60000 in February this year and consolidated for 4 months, it touched and broke the new low at 59000. We're only 10000 points away from 49000. In the short term, there hasn't been a downward spike yet; any rebounds are just opportunities to go short. I'm waiting for a second drop below 59000, which could accelerate downward movement. The mid-term target is around 49000. Once we hit 49000, we might see a phase of rebound. As you can see in the chart, there's also a major gap at 32000. This is my prediction for the lowest price in this bear market, representing the strongest support line over the last 6 years, connecting the lows of the two previous bear markets. 32000 is also the strongest parallel resistance in 2023; breaking through 32000 initiated the first wave of the main uptrend, and after the breakout, it became parallel support. So, this 32000 level is a double support point and is very likely to be tested when we're bottoming out!
If your long positions are trapped in the 66000–70000 range, then the current price at 64000 is your best chance to cut losses. Don't have any illusions about a rebound reversing the trend. Ethereum has already dropped to 1500; last year, it peaked at 1400, which was a rare surge. Do you really think that reaching 1500 means a complete reversal? Think about why it's dropped to this level—it's absolute liquidation. As long as there's technical support below, the price will definitely go there; otherwise, dropping to 1500 would be meaningless. Ethereum's weekly chart shows a broadening pattern. If this wave of decline continues, it must break last year's low at 1380. Just consider, if it breaks 1380, how far is it to 1000? Once panic sets in, it could collapse again. In the 2022 bear market, the parallel support was at 881. I'm not just pulling this position out of thin air; I've been maintaining this view for a long time. A few days later, when we witness the price, come back and check this post. I might not be completely right, but I always believe in my judgment. When we hit 35000, I will buy the dip; when Ethereum reaches 900, I will buy the dip. Let's wait and see! $BTC $ETH
If your long positions are trapped in the 66000–70000 range, then the current price at 64000 is your best chance to cut losses. Don't have any illusions about a rebound reversing the trend. Ethereum has already dropped to 1500; last year, it peaked at 1400, which was a rare surge. Do you really think that reaching 1500 means a complete reversal? Think about why it's dropped to this level—it's absolute liquidation. As long as there's technical support below, the price will definitely go there; otherwise, dropping to 1500 would be meaningless. Ethereum's weekly chart shows a broadening pattern. If this wave of decline continues, it must break last year's low at 1380. Just consider, if it breaks 1380, how far is it to 1000? Once panic sets in, it could collapse again. In the 2022 bear market, the parallel support was at 881. I'm not just pulling this position out of thin air; I've been maintaining this view for a long time. A few days later, when we witness the price, come back and check this post. I might not be completely right, but I always believe in my judgment. When we hit 35000, I will buy the dip; when Ethereum reaches 900, I will buy the dip. Let's wait and see! $BTC $ETH