BTCCryptocurrency completely collapsed. The entire market experienced a pullback of nearly 10%, with BTC falling by nearly 20% long from the level of 70,000 long to its current position. ETH's price is even more terrifying, falling by nearly 30% directly from a relatively high position. The overall market has also experienced a huge pullback, with some coins experiencing a pullback of nearly 50% or even 60%. This is the largest fall in recent history. Will BTC and Cryptocurrency continue to pullback? Cryptocurrency is on the verge of collapse. Yesterday, the price of BTC was close to $60,000, but today it has dropped to $54,000. ETH was at $3,200 yesterday, but today it has dropped to $2,890. A huge pullback occurred overnight.

The market has continued to pullback. Yesterday, we measured that it just touched the lower edge of a downward channel at 54000 long. Indeed, it fell below this level and lost it again. On the daily chart, BTC experienced a volume-driven fall, indicating a potential bottoming action. Will it form a double bottom pattern? It remains to be seen. If it is to form a double bottom pattern, at least a Rebound action needs to occur today. However, currently, there is no sign of a Rebound. If a Rebound occurs at this level and breaks through before pulling back, a double bottom pattern may appear. But if it continues to move down, it will be another scenario of pullback, breaking through the $54000 level, and the price will go down to the $37000 long level below. If BTC falls to the $37000 long level, it means that this round of the Bull Market has fallen by nearly 50%, Slump by 50%. If it breaks below $52000-53000, it is very likely to reach $40000. Between $47000 long and $45000, you can catch the bottom, but in fact, if there is a Rebound in the next few days followed by a test of the upper level and then a pullback, it will be a buying point. Therefore, whether it forms a double bottom pattern or directly undergoes a V-shaped reversal is very concerning. Currently, USDT is very expensive, approaching 7.5 against RMB, which means it is usually around 7.2. Suddenly, it has increased by about 0.3, which can buy a very long coin. At present, some Ethereum Whales have been liquidated, with some already at $2900, but some have not been liquidated and some are increasing their positions. This is a bit worrying, as an increase in positions indicates that the fall may not be over, which means that if the price of Ethereum truly falls below the lower edge of the downward channel at $2700 long, it will continue to pullback, even falling to the $2000 long level, the $2200 long level. Now, let's see if it can break through in the next day or two. A small volume-driven fall has already occurred, and if there is further volume, it will definitely break through this level. Therefore, an encryption collapse will bring new strength to the Bull Market. After this round of liquidation, even Whales have been liquidated, and the next market trend will break through very significant levels. Hold on to the green hills and fear no firewood, waiting for an opportunity. If you still have cash now, exchange it in advance, maybe after this wave, you will have some orders in the lower area between 2400-2500, because it currently has a downward channel and you are just near this support point. By buying at a long position, you should still be able to profit. It is still falling now, so find an opportunity to enter. If you haven't bought Spot, hurry up and seize this opportunity for a big Cryptocurrency collapse, which is your chance to get rich. How can there be a rise without a fall? How can there be wealth without a big dump? Now, wait for it to continue its adjustment. When the knife falls to the ground, we can pick it up. It is still in a panic stage now. Let's see if there will be a Rebound during the day. If there is no Rebound during the day and no double bottom pattern, this market will be dangerous, and it may continue to see BTC below $40000. That's all for today.