Last night, U.S. stocks fell, and BTC dropped in tandem, leading to speculation among many friends about whether the bull market has ended. Although poor earnings reports from tech stocks, weak core PCE data, and changes in Trump's election situation have all had adverse effects, these are not the key reasons.
Tech stock earnings have indeed weighed on the stock market, especially with Coinbase plummeting over 15%, but the smaller decline in $MSTR indicates that not all tech stocks are equally impacted. While the core PCE data was disappointing, it was within expectations and has little effect on Federal Reserve policy. As for Trump's election, the current situation remains unclear, but the long-term impact of the election results on the market is more critical.
For BTC, the price drop has led some loss-making investors to exit, but the main turnover still comes from short-term profit-taking investors. Therefore, the washout below 70,000 is not yet sufficient, and the market correction is beneficial for further consolidation. Although BTC prices have retraced, I believe the market peak brought by the election has not yet arrived, and the bull market will not easily end because of this. The reason is that the election brings a trend, not just a momentary news event!
BTC
Since 70,800 has been broken, the H1 has shifted from bullish to bearish, and losses should be accepted! The critical point for bulls and bears is 69,600. Currently, there is a rebound demand around 68,500; short-term trading should be focused here. If the rebound does not exceed 71,600, it will continue downward, with an ideal accumulation buying opportunity in the daily demand zone of 67,500-65,300!
ETH
It has truly become the doomsday vehicle! With 2,600 broken, the H1 level has shifted from bullish to bearish! Losses should be accepted! 2,550 is the critical point for bulls and bears! Currently, focus on the accumulation buying opportunity between 2,460-2,430! If the rebound does not exceed 2,550, there is a continued probability of testing the low point of 2,380!
SOL
There were several short-term opportunities around 173, but it ultimately broke down. The H1 has shifted from bullish to bearish! Currently, at the H4 level, focus on the accumulation buying opportunity between 166-162. If the rebound does not exceed 174, it will continue downward; if it breaks below 162, watch for 153-147!
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