Good morning, everyone!
The market has accelerated its drop after breaking below 70,000, with hardly any sign of a solid bounce. Ethereum, SOL, and most other coins are following suit. Facing the current crypto market trends and external factors, panic and pessimism are running high. Compared to the recent trends in US stocks, we've seen a divergence where crypto is falling without following the rebounds, which clearly indicates the current crypto market's weakness and fragility—not to mention the lack of market confidence.
Interestingly, looking at the daily chart from late March to early April, it's evident that the market is forming a rounded top pattern. Most of the profits from the previous uptrend have been given back. Therefore, in the short term, we should keep an eye on the market around 63,000 to 65,000 to see if it can gradually form a solid bottom. If it fails to hold, the market might head towards new lows for the year.
Personally, I remain bearish on the market's direction in the near term. For spot trading, I still recommend bottom-fishing with strong liquidity in mainstream coins from popular sectors. As for contract strategies, it's all about going short. Additionally, keep an eye on news regarding the US-Iran situation. Until there’s significant progress that gives the market real hope, the back-and-forth negotiations and conflicts have become the norm.
For today’s BTC, watch the support level around 65,000; for ETH, keep an eye on the support near 1,780; and for SOL, the support to watch is around 70. If we break below these levels, we’ll need to see new lows around 67.5.
Today's contract strategies:
BTC: Short at 67,500 or on any high, take profit at 65,000.
ETH: Short at 1,890 or on any high, take profit at 1,820.
SOL: Short at 75.5 or on any high, take profit at 70.5.
Friendly reminder:
1. Set your stop-loss based on your actual liquidation price and your risk tolerance.
2. Don’t be greedy. Take profits safely, and it’s better to take a small loss than to hold onto a losing position. If the direction is right, continue to hold.
$BTC $ETH $SOL
#BTC #ETH #solana
The market has accelerated its drop after breaking below 70,000, with hardly any sign of a solid bounce. Ethereum, SOL, and most other coins are following suit. Facing the current crypto market trends and external factors, panic and pessimism are running high. Compared to the recent trends in US stocks, we've seen a divergence where crypto is falling without following the rebounds, which clearly indicates the current crypto market's weakness and fragility—not to mention the lack of market confidence.
Interestingly, looking at the daily chart from late March to early April, it's evident that the market is forming a rounded top pattern. Most of the profits from the previous uptrend have been given back. Therefore, in the short term, we should keep an eye on the market around 63,000 to 65,000 to see if it can gradually form a solid bottom. If it fails to hold, the market might head towards new lows for the year.
Personally, I remain bearish on the market's direction in the near term. For spot trading, I still recommend bottom-fishing with strong liquidity in mainstream coins from popular sectors. As for contract strategies, it's all about going short. Additionally, keep an eye on news regarding the US-Iran situation. Until there’s significant progress that gives the market real hope, the back-and-forth negotiations and conflicts have become the norm.
For today’s BTC, watch the support level around 65,000; for ETH, keep an eye on the support near 1,780; and for SOL, the support to watch is around 70. If we break below these levels, we’ll need to see new lows around 67.5.
Today's contract strategies:
BTC: Short at 67,500 or on any high, take profit at 65,000.
ETH: Short at 1,890 or on any high, take profit at 1,820.
SOL: Short at 75.5 or on any high, take profit at 70.5.
Friendly reminder:
1. Set your stop-loss based on your actual liquidation price and your risk tolerance.
2. Don’t be greedy. Take profits safely, and it’s better to take a small loss than to hold onto a losing position. If the direction is right, continue to hold.
$BTC $ETH $SOL
#BTC #ETH #solana