$ETH Where are the major cryptocurrencies headed tonight? Will the market keep falling after the nonfarm payrolls report?
The broader market’s rebound is still very weak! Tonight is the last U.S. stock trading day of the week, and what I’m most concerned about right now isn’t whether we’ll see a rebound, but whether Bitcoin can hold $75,000 and Ethereum can stay above $2,200! The charts show a clear lack of buying pressure. Bitcoin is struggling to even rebound to $76,000. Do the bulls have a chance to turn things around? It looks tough. The daily chart has clearly entered a downtrend, with each high getting lower.
On top of that, Trump has completely sold off his Bitcoin holdings, further amplifying fear in the market. U.S. tech and AI stocks remain under pressure, so major cryptocurrencies are unlikely to escape unscathed.
My outlook remains bearish: I’m not rushing to buy the dip. I’ll be watching resistance levels on any rebound. For Bitcoin, I’m watching for a short entry around $75,600, with a target of $68,000. ETH can be shorted right around its current price of $2,237, with a target of $2,160!
Tonight’s nonfarm payrolls report will only have a temporary impact and won’t change the broader bearish trend. After the release, the market will most likely spike up first before falling back down.
As I always say: until there’s a signal that the market has bottomed, don’t rush to gamble your principal on buying the dip!
The broader market’s rebound is still very weak! Tonight is the last U.S. stock trading day of the week, and what I’m most concerned about right now isn’t whether we’ll see a rebound, but whether Bitcoin can hold $75,000 and Ethereum can stay above $2,200! The charts show a clear lack of buying pressure. Bitcoin is struggling to even rebound to $76,000. Do the bulls have a chance to turn things around? It looks tough. The daily chart has clearly entered a downtrend, with each high getting lower.
On top of that, Trump has completely sold off his Bitcoin holdings, further amplifying fear in the market. U.S. tech and AI stocks remain under pressure, so major cryptocurrencies are unlikely to escape unscathed.
My outlook remains bearish: I’m not rushing to buy the dip. I’ll be watching resistance levels on any rebound. For Bitcoin, I’m watching for a short entry around $75,600, with a target of $68,000. ETH can be shorted right around its current price of $2,237, with a target of $2,160!
Tonight’s nonfarm payrolls report will only have a temporary impact and won’t change the broader bearish trend. After the release, the market will most likely spike up first before falling back down.
As I always say: until there’s a signal that the market has bottomed, don’t rush to gamble your principal on buying the dip!
