Market sentiment is very pessimistic. Vitalik said that the atmosphere in the crypto community makes him uncomfortable and even wants to give up. Du Jun also complained on X about the industry's reliance on "narratives" being deeply problematic. The narrative has become a shell, with project products being shoddy, data being falsified, relying on KOLs to support the scene, having no substantial business but being keen on scamming money.

Recently, I've seen many big influencers and OGs becoming poor overnight, and many retail investors in the square have lost confidence and are considering looking for jobs. In fact, this situation was also prevalent during the 50,000 to 70,000 fluctuations last year, where many people couldn't hold on. Later, when the understanding king won and Bitcoin reached new highs, they saw hope…

However, the situation remains the same. From 2023 to now, over 700 days, the time spent in sideways or downward movement accounts for 75-80%, while the upward movement only accounts for about 20%. Each time there is a significant rise, it lasts no more than a month, and many people dare not chase it. When it reaches a high and fluctuates, it often leads to giving back the profits made during the previous rise. I have previously reminded friends around me to only participate in the main upward trends, but most cannot control their hands.

The U.S. unemployment rate for January was expected to be 4.1% but was announced at 4%, which is bearish. The non-farm payroll expectation was 17% but was announced at 14.3%. The market first dipped down and then rebounded, breaking through a descending wedge.

Bitcoin

Bitcoin's 1-hour descending wedge broke through while also breaking through 99,100. As of the time of writing, the price is at 99,970. Yesterday's small descending wedge did not break through and fell back, hitting a new low before recovering to 96,100. I have been reminding everyone to pay attention to the opportunity for a second test. At this time, there is no need for extreme panic; what we really need to worry about is the risk that the subsequent rebound cannot break through 106,000 or even the descending channel, which would put pressure on it to adjust again.

In the short term, I continue to look for a rebound to 102,456, which is also the resistance of the descending channel. If the subsequent pullback is not large, it is possible that it will maintain a sideways movement, taking it step by step. Support: Pressure:

Ethereum

I reminded everyone last night that the converging triangle broke down, but it did not drop very deep. The support at 2,655 continues to rebound, and Ethereum will continue to see short-term fluctuations looking for opportunities to catch up.

The daily line is still at the lower edge of the descending wedge, and the price has not effectively stood back above 2,800 and 2,920, which still belongs to a weak position.

Support: Pressure:

Altcoins

First, we should pay attention to the ETF expectations for SOL, XRP, and LTC. There have been many recent spot ETF news, but it is relatively difficult to pass in the short term due to speculative expectations.

If you like my views, please like, comment, and share. Let's navigate through the bull and bear markets together!!!

The article is time-sensitive and for reference only, updated in real-time.

Focusing on K-line technical research, sharing global investment opportunities. Public account: Trading Prince Fusu

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