Reviewing the performance of the night market, Bitcoin has dropped from the vicinity of the high of 89846, with the price reaching a low of 85500, a drop of over 4000 points in the evening. Ethereum, on the other hand, has followed Bitcoin's movement, oscillating downwards from the high of 3177 until the US stock market opened, where it saw a unilateral downward trend with the price reaching a low of 2925 and consolidating. In the evening, Ethereum also dropped by more than 250 points. During the day, Yang Jie placed four orders: two for Bitcoin and two for Ethereum. The first orders were placed in the morning, with Bitcoin and Ethereum long positions entered at 88157 and 3059, and exited at 89303 and 3120, respectively. The Bitcoin long position gained 1150 points, while the Ethereum long position gained 61 points. In the evening, he placed more long positions for Bitcoin and Ethereum at 87092 and 3072, and exited at 85926 and 2957, respectively. The Bitcoin short position gained 1160 points, and Ethereum gained 115 points.
Based on the current market, although the price has encountered resistance and retreated at the 90000 level on the daily chart, the current pullback can still be seen as a technical correction and healthy consolidation after the significant rise since the beginning of the year. As long as the mid-term support area at 85000-86000 can hold, the overall upward channel structure remains intact. This adjustment not only effectively digests the short-term overbought pressure and cleanses weak long positions but also provides space for the market to re-accumulate momentum. If the subsequent buying shows sustained strength at the key support area, the pullback will instead help build a more solid bottom structure and accumulate momentum for the next phase of a trending rise. Overall, as long as the price stabilizes at the key support, the probability of continuing the upward trend after a consolidation remains high.
Bitcoin: Long positions in the 85500-86000 range, target focus on 89000.
Ethereum: Long positions in the 2900-2930 range, target focus on 3050.
