Starting with a rise and fall, the morning market Bitcoin surged near 79,500 before entering a violent mode, falling continuously by 2,000 points, with the lowest around 77,400 this morning. Currently, the market is trading around 77,600, with a clearer rhythm. Overall, it remains in an upward channel. The pullback is a normal correction structure. What is normal? Excessive gains in the early stage, and the market adjustment involves first high-level oscillation, then a retracement and repair. Only in this way can the next round of breakout and surge be initiated. Under the current rhythm, only going long is the way out. Don’t be a leek in the market, chasing highs and selling lows. Learning to understand the trend will help you go further. Today, the main focus is on long positions.

From the overall structure, after touching the upper band, the market faced resistance and was blocked, repeatedly closing with bearish candles and oscillating downward. Although there was a slight rebound with some small positive candles, it failed to reverse the downward trend. Currently, the bearish momentum has been gradually exhausted, the bottom support has been tested sufficiently, and the upward channel has not been broken. The overall trend remains bullish. The key bullish support below is at 77,100. In the short term, the rebound target is 79,000. If a strong breakthrough occurs at 80,000, there is potential to hit a new high in the next phase. The hourly indicators are about to form a golden cross. Once the golden cross is confirmed and volume increases, a strong upward trend is likely to follow.

Monday night Bitcoin: Buy near 77,500, target 80,000

Monday night Ethereum: Buy near 2,310, target 2,450