The strength seen last night didn’t continue. The market used a sharp sell-off to push the “breakout confirmation” back into the range.
As of 09:04, $BTC is at $77,843, down 0.37% over 24 hours. Open interest has decreased by 1.38%. The price has fallen back below the 1-hour EMA20/50 and the 4-hour EMA20. The pullback observation zone of 78,500–78,700 was breached, and my bullish view has officially been invalidated.
$ETH was even more volatile: it quickly dropped from 2,534 to 2,384, and is currently at $2,425, with open interest down 1.04%. Price and open interest are falling in tandem—mainly due to long de-leveraging. However, the long vs. short account ratio is still around 2.62, and long positioning hasn’t fully unwound yet.
Today, first I’m watching whether BTC can hold 76,950. Only if it recovers 78,350 can it be considered repaired. For ETH, watch the 2,384 support level; until it reclaims 2,465, we won’t talk about renewed strength. My take: no trading for now. Don’t chase longs on rebounds, and don’t chase shorts at support. #BTC #ETH #Market analysis
As of 09:04, $BTC is at $77,843, down 0.37% over 24 hours. Open interest has decreased by 1.38%. The price has fallen back below the 1-hour EMA20/50 and the 4-hour EMA20. The pullback observation zone of 78,500–78,700 was breached, and my bullish view has officially been invalidated.
$ETH was even more volatile: it quickly dropped from 2,534 to 2,384, and is currently at $2,425, with open interest down 1.04%. Price and open interest are falling in tandem—mainly due to long de-leveraging. However, the long vs. short account ratio is still around 2.62, and long positioning hasn’t fully unwound yet.
Today, first I’m watching whether BTC can hold 76,950. Only if it recovers 78,350 can it be considered repaired. For ETH, watch the 2,384 support level; until it reclaims 2,465, we won’t talk about renewed strength. My take: no trading for now. Don’t chase longs on rebounds, and don’t chase shorts at support. #BTC #ETH #Market analysis