Happy weekend everyone, another week is coming to an end soon. I believe friends who have been paying attention during the week should have gained something, especially towards the end of this trend. Bitcoin is starting to retract around 91,000 to 93,000, and Ethereum is starting to retract around 3,000 to 3,100. The market is drawing a beautiful arc as expected, perfectly aligning with the market's direction.
Here, everyone should remember that Li Mu proposed the viewpoint this round: Bitcoin at 80,600 and Ethereum at 2,620 clearly marked the mid-bottom. Bitcoin at 91,000 and Ethereum at 3,100 mark the end of this round's upward movement.
However, with the recovery of the macro market, the market sentiment is starting to shift. The previously extreme greed index of 14 has changed to a slightly neutral 28, and the actions of whales and market makers to buy the dip also suggest a change in the market direction. Therefore, we shouldn't be too fixated on betting in one direction for the future market; we should be more cautious in responding to changes in resistance and support.
However, for now, we can rest assured. Even if the bullish trend returns, the short-term still needs to undergo a pullback adjustment. The pullback to Bitcoin 91,000 and Ethereum 3,100 can still continue to look downward, with the initial target set at 89,000-88,300 for hourly support. Pay attention to the 86,600 level; if it holds, there is still a possibility for bullish continuation. Conversely, we look towards the daily second test. For Ethereum, we prioritize looking towards the short-term support around 2,970. If it continues to dip, we will look at 2,900 or even 2,800. The reversal signal can refer to Bitcoin's support at 86,600 (for Ethereum, a reversal bottom is currently around 2,770, but considering its altcoin nature, it's not recommended to guess the bottom. Watch whether Bitcoin establishes a bottom to determine the best course of action).
