Enze: Bloodbath! Major cryptocurrencies break down simultaneously, bears completely dominate the market
The sharp drop in the early hours of today marks the establishment of a new downward trend in the cryptocurrency market.
BTC fell below the key support at 63500, ETH lost the 1900 level, and SOL broke below 80, with the three major cryptocurrencies simultaneously breaking down, and the bearish momentum completely dominating the market.
Continuous large outflows of funds, coupled with institutional-level selling pressure, will further drive panic selling and push prices lower. A short-term technical rebound is merely a fleeting moment, and before effectively recovering key resistance levels, the market will continue to maintain a bearish pattern. It is recommended to focus on shorting on rallies to avoid bottom-fishing risks.
Operational suggestions:
BTC: Short positions can be lightly established when rebounding to around 64000-66000, with a stop loss set above 67000, and a target of 62000, with further observation if it breaks below 60000.
ETH: If it retraces to around 1880-1950, a stop loss should be set above 2000, with a target of 1800, and further observation if it breaks below 1750.
Note:
The above analysis is Enze's personal analysis; the market changes rapidly, and everything is subject to Enze's actual trading!
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