The market has pulled back and then moved out again, with support at the weekly line threshold.

CN
1 hour ago

As the saying goes, I do not seek wealth and nobility from others; rather, people seek me to create articles. Good afternoon, everyone. It's a new week again, and as per tradition, let's first review the arrangements we made for you last weekend.

Regarding the first round of Bitcoin around 80,000 and Ethereum near 2,600, I won't elaborate on the mid-level consolidation here. Although it was impressive, the real brilliance lies in the arrangement at the end of the trend: boldly hypothesizing around Bitcoin at 91,000 and Ethereum at 3,000, we look to short after reaching Bitcoin at 93,000 and Ethereum at 3,100, subsequently targeting a precise drop to Bitcoin at 86,600 and Ethereum at 2,800.

With the early closing at 8 AM, the market decisively turned downwards, with Bitcoin retracting over 7,500 points to a low of 85,500, and Ethereum retracting nearly 300 points to precisely hit the 2,800 support. At this point, the market feels quite lonely.

At this stage, there isn't much to analyze. All arrangements have been made clear. The seemingly fierce retraction has not broken through the weekly structure. Now, we just need to discard all external factors and observe the support around Bitcoin at 85,200 and Ethereum at 2,800. If this support holds, we can look up to 88,000/2,920; otherwise, the structure will completely reverse, and the previous low will not be the bottom. The bear market may continue lower, perhaps to 76,000? 2,500, something like that.

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