$ETH $BTC Reviewing yesterday’s market action, Bitcoin and Ethereum both broke through key support levels. Is the crypto market really going to start following the U.S. stock market?
Bitcoin and Ethereum began plunging straight down before the U.S. stock market opened yesterday. Cai Bao’s long position was stopped out, too. There wasn’t even the slightest sign of a rebound on the charts. The market is really tough right now.
But the market had already been sending bearish signals: CPI data came in hotter than expected, whales and institutions sold off for 14 consecutive days, Ethereum lost the key $2,000 support level, and Bitcoin’s support is at $68,000. If there’s no rebound during the day, prices could keep falling, so don’t rush to buy the dip in the short term.
Bitcoin and Ethereum saw nearly $600 million in long positions liquidated last night, and market fear is rising again. Some whale addresses were liquidated outright, including Brother Maji’s.
Institutional funds are continuing to pull out, with no significant inflows for five consecutive trading days. In this environment, the market lacks fresh buying, so any rebound is unlikely to last.
Cai Bao’s trading plan: wait for a rebound to $2,000, then go short, targeting $1,960!
Bitcoin and Ethereum began plunging straight down before the U.S. stock market opened yesterday. Cai Bao’s long position was stopped out, too. There wasn’t even the slightest sign of a rebound on the charts. The market is really tough right now.
But the market had already been sending bearish signals: CPI data came in hotter than expected, whales and institutions sold off for 14 consecutive days, Ethereum lost the key $2,000 support level, and Bitcoin’s support is at $68,000. If there’s no rebound during the day, prices could keep falling, so don’t rush to buy the dip in the short term.
Bitcoin and Ethereum saw nearly $600 million in long positions liquidated last night, and market fear is rising again. Some whale addresses were liquidated outright, including Brother Maji’s.
Institutional funds are continuing to pull out, with no significant inflows for five consecutive trading days. In this environment, the market lacks fresh buying, so any rebound is unlikely to last.
Cai Bao’s trading plan: wait for a rebound to $2,000, then go short, targeting $1,960!
