The market continued to slide on Saturday, with Bitcoin dipping toward 66,400 and Ethereum falling to around 1,875. It looks like the weekend won’t bring either a sideways rebound and recovery or a normal volatility-driven rebound and recovery. Instead, the market is continuing to weaken and make new lows, so we can no longer rely on the usual expectation of a rebound and recovery. Shorting at resistance is no longer realistic.
The key level to watch next is whether the market can hold around 65,000/1,820. 65,000 was where Bitcoin’s major August rally began, while 1,820 was where Ethereum found support during its major August rally. These two levels are critical and will determine whether this major pullback can end. If the market still can’t stabilize and breaks below them, the real trouble for the market will only just be beginning.
The key level to watch next is whether the market can hold around 65,000/1,820. 65,000 was where Bitcoin’s major August rally began, while 1,820 was where Ethereum found support during its major August rally. These two levels are critical and will determine whether this major pullback can end. If the market still can’t stabilize and breaks below them, the real trouble for the market will only just be beginning.