BTC and ETH: When Will the Waterfall Come? Market Review and Analysis

BTC surged to around 109,000 yesterday, truly giving hope to the bulls. In yesterday's morning analysis, it was mentioned that the next couple of days would see a rebound, with a rise during the day and a drop at night. However, last night it didn't drop; instead, it surged until early morning before crashing down. This market is indeed a bit unpredictable. According to the expected script, there should have been a slight rise during the day, followed by a drop at night, then another rise today, and another drop at night, leading to a significant drop from Wednesday to Friday. But it didn't follow that script. After a bullish daily close yesterday, it surged in the early morning before crashing. ETH followed a similar pattern, with resistance set at 2660, peaking at 2680 before dropping down to around 2520. The market is indeed exhausting with its daily fluctuations, but for this kind of trend, persistence is key to victory.

Let's not even discuss the risk-averse profits from clearing spot positions; for those trading contracts, the first point to remember is that as long as there's a rebound, you should short. If you play it right, you could make significant profits. Avoid short-term trades during these back-and-forth movements, as they are hard to control. You might get it right a few times, but just one wrong move could wipe you out. However, if you trade trends with a small position, even if you hit a stop loss, your losses will be small. But if you catch the trend, you can reap big rewards. This principle is important to understand; it's not that you shouldn't go long or that you shouldn't trade support. It's just that trading back and forth can create a habit where you think of going long every time there's a drop. After a few times, just one breach of support could leave you with no time to stop loss.

Today's Focus: BTC's market currently shows a strong rebound in the early morning. It has been oscillating back and forth recently, with the lower bound not breaking below the 100,000 mark, which is indeed frustrating. The support level to watch during the day is the 105-106,000 range, while the resistance level to focus on is around 108,000. If there is a significant drop breaking below the 105,000 mark, then the daily support defense line to watch would be in the 102,500-103,000 range.

ETH peaked at around 2680 before crashing down to 2520. The market has been moving slowly up, only to drop sharply later, almost reversing yesterday's gains. The intraday support level provided yesterday at 2480-2520 has been realized, but today the focus should shift to the support level around 2450. The resistance level doesn't need to be set too high; normally, you can just focus on 2600. Today's intraday market can be viewed as a short.

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