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A new week, a new beginning. Good morning everyone.
After the market fell below 80k, the daily chart trend has been declining all the way down, and the current market has not been able to rebound effectively, remaining in a downward state. The market has entered a state of panic again, with the current fear index at 27. Therefore, in the short term, it is crucial to focus on where the market will stop falling. The same applies to most altcoins. I personally believe that the main reason for the market correction is influenced more by US-Iran news. Additionally, in the daily chart structure of the market trend, the short-term upward trend has been broken, accelerating the downward movement.
In the weekly chart of BTC, the market has already entered a range-bound consolidation, so this week the overall market will fluctuate between 73,000 and 80,000, mainly bearish. ETH has been relatively weak recently, remaining in a cyclical oscillation state. When the market rises, ETH has not kept up or caught up; when the market falls, ETH's correction is more significant. Therefore, this week ETH will fluctuate between 1950 and 2250. SOL's daily chart shows a formation of an inverted V shape, while the weekly chart remains mainly in range-bound oscillation. This week, SOL's overall fluctuation range is approximately 77-89. Switching ETH and SOL to the monthly chart makes it more obvious that they are in oscillation.
In the past five trading days, ETF institutional net outflows have been about $345 million, which indicates that institutional funds are short-term building positions for risk aversion. The outflow of institutional funds also impacts the market and is one of the factors to watch closely. We need to continue monitoring the subsequent flow of institutional funds.
Today, BTC support is around 75,000, ETH support is around 2,050, and SOL support is around 82.
Today’s contract strategies:
BTC: Short at 77,500 or sell on rallies, take profit at 75,000.
ETH: Short at 2,130 or sell on rallies, take profit at 2,060.
SOL: Short at 85.5 or sell on rallies, take profit at 82.5.
Warm tips:
1. Stop-loss suggestions should be set according to your actual liquidation price and your ability to bear losses.
2. Do not be greedy; take profits and secure gains. Better to take small losses than to hold against the trend. If the direction is correct, hold on.
$BTC $ETH $SOL