$BTC The market suddenly plunged, catching the bulls completely off guard
Guys, Bitcoin was still at 86,500 at 11 p.m. last night, but it plunged this morning, briefly wicking down to 83,500—a 3,000-point drop overnight. There was no bad news at all. This move seemed to come out of nowhere, aimed purely at liquidating longs.
At 9 a.m., it was still at the 85,500 support level we mentioned before. Then it dropped 2,000 points in just an hour, and is now holding steady at 84,000. Ethereum took an even harder hit, dropping 100 points in an hour this morning and hitting a low of 2,587. How many more bulls got wiped out by 10 a.m.?
The drop was fast, but buyers stepped in as soon as it hit the low, quickly buying the dip and stabilizing the price. With this kind of price action, I don’t recommend chasing shorts right now.
On the charts, Bitcoin is holding at 84,000 and Ethereum at 2,610. As long as these levels hold, the bulls still have a chance to fight back. The fact that there’s been no meaningful bounce after the sharp drop suggests the bulls may be building strength at the bottom, waiting for a surge in volume to push prices higher.
Trading plan: Price is holding steady here, so you can consider opening a small long position on a dip.
If you’re still unsure or don’t know which way to go, come chat with us in the chatroom. #比特币跌破8.4万美元
Guys, Bitcoin was still at 86,500 at 11 p.m. last night, but it plunged this morning, briefly wicking down to 83,500—a 3,000-point drop overnight. There was no bad news at all. This move seemed to come out of nowhere, aimed purely at liquidating longs.
At 9 a.m., it was still at the 85,500 support level we mentioned before. Then it dropped 2,000 points in just an hour, and is now holding steady at 84,000. Ethereum took an even harder hit, dropping 100 points in an hour this morning and hitting a low of 2,587. How many more bulls got wiped out by 10 a.m.?
The drop was fast, but buyers stepped in as soon as it hit the low, quickly buying the dip and stabilizing the price. With this kind of price action, I don’t recommend chasing shorts right now.
On the charts, Bitcoin is holding at 84,000 and Ethereum at 2,610. As long as these levels hold, the bulls still have a chance to fight back. The fact that there’s been no meaningful bounce after the sharp drop suggests the bulls may be building strength at the bottom, waiting for a surge in volume to push prices higher.
Trading plan: Price is holding steady here, so you can consider opening a small long position on a dip.
If you’re still unsure or don’t know which way to go, come chat with us in the chatroom. #比特币跌破8.4万美元