Zhou Yanling: Bitcoin Drops Below 60,000 - Is the Bottom Fishing Opportunity Here? Today's Latest Trend Analysis and Strategy

Early in the morning, the global market suffered a major collapse, with the three major U.S. stock indices collectively closing down, and Bitcoin falling below the 60,000 mark. Gold briefly fell below 4,700, and silver plummeted. The entire financial sector is in a dire state; this winter is truly unforgettable. However, we mainly focus on contracts, so whether it rises or falls doesn't matter much to us. In fact, the larger the market movement, the more excited everyone becomes. But it must be said that recently, there has been a complete capital exodus from the crypto space, and the defeat of the bulls has led many who enjoy going long and trading spot to lose confidence in the crypto market. The enthusiasm of retail investors who insist on being bullish seems to have been pierced to the bone by the biting cold wind! The entire market looks like a frostbitten eggplant, wilted and drooping. I have repeatedly told everyone not to rush to bottom fish, but many people refuse to listen, sigh! However! The time for bottom fishing is approaching; Bitcoin is expected to struggle to drop below the 50,000 mark, and the market will likely consolidate around this area. When it remains in a range for a long time, that will be the next opportunity to bottom fish in a bull market.

Looking at the technical analysis, the daily chart for Bitcoin shows that the price has been continuously retreating from a high position. Although there has been a small rebound in the short term, the overall trend is still downward. The current candlestick is a bullish candle, indicating some short-term rebound strength. On the hourly chart, the price rebounded after forming support around 63,500 but did not break through the previous high of 66,000, indicating significant pressure above. The MACD fast and slow lines on the hourly chart are gradually converging, and the histogram has turned from negative to positive, showing that bearish momentum is weakening, which may lead to a short-term bullish recovery phase. The hourly RSI is at 40.88, close to the edge of the oversold zone, indicating that market sentiment has eased somewhat, but it has not completely escaped the weak area. The hourly EMA7 has been broken, and the price is approaching EMA30, but EMA120 is still far from the current price, indicating that long-term moving averages continue to exert significant pressure. Recent operations should still focus on short positions.

Zhou Yanling's 2.6 Bitcoin Trading Strategy:

Short at 68,000-67,200, stop loss above 68,800, target 64,500-63,500, continue to look for a decline towards 61,000.

Zhou Yanling's 2.6 Ethereum Trading Strategy:

Short at 2,000-1,960, stop loss above 2,040, target 1,860-1,820, continue to look for a decline towards 1,750.

【The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.】

This article is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in market investment research in the crypto space for over ten years, currently mainly analyzing and guiding BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other crypto contracts/spot operations. The author has a solid theoretical foundation and practical experience, excels in combining technical and news-based operations, emphasizes capital management and risk control, and is recognized by many investors for a stable and decisive trading style, along with a friendly and responsible character.

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