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6.6 Old Second Morning Silk Road
Last night, after the non-farm payrolls announcement, the market was in an extremely fierce one-sided plunge, with a 24-hour decline of 10.9%. Last night, it repeatedly broke below the new low of 153, with traders bouncing back and forth.
The price has broken below the lower band of the Bollinger Bands, indicating a deep oversold condition. The key support is at the low point of 153-152 today, with a rebound to 160-161 for a potential rally.
In terms of operation, it is recommended to follow the trend and go long, as the current funding rate shows extremely crowded long sentiment, and the price is close to the lower Bollinger Band, which could trigger a violent rebound due to long liquidation, known as a "short squeeze."
Therefore, do not heavily chase longs at 157. It is advised to patiently wait for clear signals before entering the market. $ETH $BTC
After the non-farm payrolls report last night, the market was in an extremely fierce one-sided plunge, with a 24-hour decline of 10.9%. Last night, it repeatedly broke below the new low of 153, with traders bouncing back and forth.
The price has broken below the lower band of the Bollinger Bands, indicating a deep oversold condition. The key support is at today’s low of 153-152, with a rebound to 160-161 for a bounce.
In terms of operation, it is recommended to follow the trend and go long at higher levels. Currently, the funding rate shows extremely crowded long sentiment, and the price is close to the lower Bollinger Band, which could trigger a violent rebound due to long liquidation, known as a “short squeeze.”
Therefore, do not heavily chase longs at 157. It is advised to wait patiently for clearer signals before entering the market. $ETH $BTC