Midday Market Analysis!


Yesterday, Bitcoin suddenly surged violently, catching many bearish investors off guard. The market is like this—more people bearish, easier for a reverse rally. Currently, the entire internet is bullish, but be cautious of a potential dump tonight.
Bitcoin broke through the triangle consolidation zone, surpassing the 68,248 resistance level, reaching as high as around 70,123 but failing to stabilize, only a brief spike. To continue upward, it must effectively stay above 70,123 to look toward 70,779-71,778; if it cannot hold, the rebound will be hard to sustain, and current news does not support a continued rise.
Currently, Bitcoin is in a consolidation zone after the rally, between 69,502 and 68,248, with 68,248 as a key support. It was previously a strong resistance, but after breaking through, it has turned into a strong support and is unlikely to break easily. Holding this level offers a chance for another upward move. Once volume increases and it breaks below, a correction will begin, first looking at around 66,927; if support fails, a significant pullback may occur.
$BTC In terms of trading, a volume breakout above 68,765 can be a light long entry; if it falls below 68,248 and cannot recover on a rebound, consider shorting, but be sure to set stop-losses. If the hourly chart stabilizes above 68,765, look toward 69,502-70,100; if it breaks below 68,312 on the 4-hour chart, watch for 66,905-66,247. Resistance levels: 68,765, 69,582, 70,100; support levels: 68,248, 67,142, 66,355.
$ETH Ethereum has returned to a range-bound oscillation, mostly false breakouts and false breakdowns. Break above 2,026 for a long; break below 1,997 for a short. If a pullback to 1,936 finds support, consider going long; if it breaks below 1,908, set a stop-loss. A rebound to 2,101 can be shorted; break above 2,150 with a stop-loss. On the left side, consider a long position at 1,885; if it breaks below 1,850, set a stop-loss. If the hourly chart stabilizes above 2,026, look toward 2,057-2,090; if it breaks below 1,983 on the 4-hour chart, watch for 1,942-1,903. Resistance levels: 2,026, 2,057, 2,090; support levels: 1,997, 1,926, 1,885.
Overall market sentiment is extreme, with high volatility. Operate strictly according to key levels, set stop-losses properly.
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