Bitcoin’s short-term support: $66,500–$67,500; short-term resistance: $69,500–$70,500
Ethereum’s short-term support: $1,850–$1,900; short-term resistance: $2,000–$2,050
On the news front, the Fear & Greed Index has fallen to 20, putting the market in a state of extreme fear. Bitcoin’s biggest problem right now is an extreme imbalance between buyers and sellers. Six spot Bitcoin ETF funds saw a combined net outflow of $1.716 billion over the past seven days, while three funds with net inflows saw a combined inflow of $68.6 million, leaving a net outflow of $1.6474 billion. BlackRock’s $IBIT alone saw a seven-day net outflow of $1.4741 billion, accounting for 89.5% of the market’s total net outflow. Grayscale’s $GBTC came second, with a net outflow of $100.1 million. Everyone is selling, but nobody dares to buy. In fact, historical experience has repeatedly shown that selling Bitcoin in times of extreme panic is a mistake. It’s only a matter of time before Bitcoin reaches new highs, and some institutions predict that Bitcoin reaching $150,000–$200,000 within the next 2–3 years is highly likely.
Technically, if Bitcoin’s rise from around $57,700 to around $87,300 is considered wave 1, that was a gain of about $30,000. It has now fallen from $87,300 to around $67,500, a drop of about $20,000, which puts it around the 0.618 level. This would make it a very weak wave 2 pullback. Even accounting for a wick down, Leng Feng believes it is unlikely to fall below $65,000 before rebounding. If the rebound is 0.3–0.5 of the decline, it should amount to $6,000–$10,000, taking the price to around $73,000–$78,000. Of course, these are theoretical figures; ultimately, the market will decide where it goes. I still believe that $72,000–$73,000 is the dividing line between a bull and bear market. If the rebound can’t even reach that level, then we really have to call it a bear market.
Ethereum’s short-term trend is clearly a little stronger than Bitcoin’s. It has tried to rebound several times, but Bitcoin has held it back each time. Ethereum will probably only get a chance to perform once Bitcoin stabilizes. Support is at $1,750–$1,850, with resistance at $2,150–$2,350. #加密美股齐跌，下轮反弹的驱动力在哪？ $BTC
Ethereum’s short-term support: $1,850–$1,900; short-term resistance: $2,000–$2,050
On the news front, the Fear & Greed Index has fallen to 20, putting the market in a state of extreme fear. Bitcoin’s biggest problem right now is an extreme imbalance between buyers and sellers. Six spot Bitcoin ETF funds saw a combined net outflow of $1.716 billion over the past seven days, while three funds with net inflows saw a combined inflow of $68.6 million, leaving a net outflow of $1.6474 billion. BlackRock’s $IBIT alone saw a seven-day net outflow of $1.4741 billion, accounting for 89.5% of the market’s total net outflow. Grayscale’s $GBTC came second, with a net outflow of $100.1 million. Everyone is selling, but nobody dares to buy. In fact, historical experience has repeatedly shown that selling Bitcoin in times of extreme panic is a mistake. It’s only a matter of time before Bitcoin reaches new highs, and some institutions predict that Bitcoin reaching $150,000–$200,000 within the next 2–3 years is highly likely.
Technically, if Bitcoin’s rise from around $57,700 to around $87,300 is considered wave 1, that was a gain of about $30,000. It has now fallen from $87,300 to around $67,500, a drop of about $20,000, which puts it around the 0.618 level. This would make it a very weak wave 2 pullback. Even accounting for a wick down, Leng Feng believes it is unlikely to fall below $65,000 before rebounding. If the rebound is 0.3–0.5 of the decline, it should amount to $6,000–$10,000, taking the price to around $73,000–$78,000. Of course, these are theoretical figures; ultimately, the market will decide where it goes. I still believe that $72,000–$73,000 is the dividing line between a bull and bear market. If the rebound can’t even reach that level, then we really have to call it a bear market.
Ethereum’s short-term trend is clearly a little stronger than Bitcoin’s. It has tried to rebound several times, but Bitcoin has held it back each time. Ethereum will probably only get a chance to perform once Bitcoin stabilizes. Support is at $1,750–$1,850, with resistance at $2,150–$2,350. #加密美股齐跌，下轮反弹的驱动力在哪？ $BTC