Good afternoon, bros! The market has been dipping for two straight days without a bounce, and the fear index for retail investors is skyrocketing. A bunch of folks are calling for Bitcoin to hit 40k, which freaked me out and made me close my BNB short position quickly. Just a few days ago, when Bitcoin was at 80k, there were also a lot of people calling for 100k. When BNB was over 700, they were saying it would hit 1000, and honestly, I’m scared. The more it dips these last two days, the happier I get because I’m stacked in shorts. Plus, it’s another chance to scoop up some cheap chips. Unfortunately, Bitcoin’s spot is hanging at 65,100, and it just bounced back from a low of 65,400. I hope this rebound doesn’t have much force and it dips again so I can get on board with my spot holdings!
Last night I mentioned that BTC's next support above is in the 66-65 range where you can go long. If you entered there, you’re already in profit. As long as this range holds, we can expect a bounce. If we break below 65, watch around 60 for potential support, and for those with light long positions underwater, consider averaging down here. ETH's support at 1800 didn't get hit before bouncing; if it breaks below this level, the next stop is 1740, so those with light positions should average down. For heavier positions, I always stress stop-loss at previous lows, and if you're still holding, you’re either facing liquidation or have already lost 80%. Now you're asking me what to do? If I suggest a stop-loss now, you might not be willing to take it. After losing so much, what if we hit a stop-loss and then it goes up? You’d blame me!
BTC just hit a major support level (the weekly level suggests this downward move might have temporarily ended). Today, we’ll see if it breaks the previous low. As long as we hold steady today, a rebound is likely. Look at the white line position above, aggressive traders can short at the white line level, while more conservative traders can target the pressure level. The longer we stay at this bottom without breaking it, the greater the chance of a rebound. Those who are underwater on long positions can slowly start to recover. If you’re looking to long at the support level tonight, hold on for a possible rebound, and place your stop-loss just below the recent low!
Market analysis for today:
Watch BTC today at the 67550 level. If it can't bounce above this point, it indicates the rebound lacks momentum. We need to look down towards the previous low at 65360. If this level holds, we might see a small bounce. If it breaks, we’re targeting 63850-62420-61200 for long entries!
If we can close above 67550 today, it indicates a stronger rebound, and we should look for short entries around 69500-71700-74200!
Keep an eye on ETH today at the 1875 level. If it can't rebound above this point, it shows the bounce lacks strength. We're looking down towards the previous low at 1816. As long as this level holds, we might see a small bounce. If it breaks, we're heading down to 1780-1735-1700 for some long entries!
If we can close above 1875 today, it indicates a stronger rebound, and we should look for short entries around 1930-1980-2030!
Keep an eye on BNB today at the 651 level. If it can't bounce above this point, it shows the rebound lacks strength. We're looking down towards the previous low at 631. As long as this level holds, we might see a small bounce. If it breaks, we’re targeting 615-601-590 for long entries!
If we can close above 651 today, it indicates a stronger rebound, and we should look for short entries around 673-694-712!
Keep an eye on SOL today at the 75 level. If it can't bounce above this point, it shows the rebound lacks strength. We're looking down towards the previous low at 72. As long as this level holds, we might see a small bounce. If it breaks, we’re heading down to 69-67-63.5 for some long entries!
If we can close above 75 today, it indicates a stronger rebound, and we should look for short entries around 77-79-81!
【Daily reference points for long and short positions, make sure to manage your position sizes. For light positions, aim for 0.5% of your portfolio. For pressure or support levels, scale in with a max of 1% per position. When placing orders at specific levels, use 100x leverage but don't exceed 2% of your total portfolio to leave room for averaging down. For heavier positions, look for previous highs or lows on the 1-2 hour timeframe for stop-loss placement, or use a fixed stop-loss. BTC around 1500u, ETH around 30u, trading fees at 20% off with invite code: BNB789】