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Overnight, the three major US stock indexes closed with mixed performance, with the Nasdaq rising by 0.07%, the S&P 500 rising by 0.08%, and the Dow falling by 0.12%. Large-cap tech stocks experienced varied performance, with Tesla rising by over 5%, Google rising by over 1%, Amazon, Google, and Apple rising slightly, while Meta remained flat; Nvidia and Intel fell by over 1%, and Netflix fell slightly. The encryption market experienced a widespread decline, with BTC briefly breaking through $70,000 and quickly experiencing a Long Wick Candle to the downside, falling to a low of $66,350, while ETH fell to a low of $3,257. The futures market saw frequent occurrences of both long and short positions getting liquidated. The market is now waiting for the upcoming release of non-farm payroll data this week, as well as the monetary policy decision from the Federal Reserve.
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Yesterday, BTC's trading hours fluctuated and broke through the 70,000 mark, testing the resistance level at 70,000. There is strong pressure above, directly triggering a sharp decline in BTC, breaking below 67,000. Such a whipsaw also fiercely shook out a wave of bullish traders, and the trend still indicates a retracement downwards, testing the support level at the bottom. But looking at this retracement, the rebound in the future will still be relatively significant. Currently, the price first fell to the lower support near 66,500, with a long wick candle, and then after the rebound, it started to hover around 67,000. On the technical side, the MACD indicates a decrease in shorts volume. Combined with the positive news and market trends, there is still potential for bullishness in the short term. The key is to focus on the support at the 66,500 level. As long as it can be maintained above the 66,500-67,200 range, the pump is expected to continue!
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The trend of ETH is even weaker, and longs have never been able to break through the resistance level of 3500. Yesterday, it oscillated up to the pressure of 3396 and then fell back under pressure, falling to a low of 3257 before rebounding. Currently, it is running around 3320. The overall fall of ETH is limited, mainly due to the limited pump space in the previous period. Currently, all the hourly charts have stabilized and are starting to form long lower shadows. For the short term, we need to pay attention to the situation around 3350; looking at the 4-hour chart, it rebounded after hitting the 3250 support level, and now it is hitting the support level and rebounding again. In the future, we need to confirm the resistance level situation after the rebound, and then we can continue to short based on this level. As mentioned many times before, whether the current longs can return to the previous high still depends on the short-term watershed of ETH at 3600-3650. Otherwise, the view will remain unchanged, and a new round of fall will definitely come, and the fall will definitely break the new low!