In the past 24 hours, 98,590 people worldwide have been liquidated, with a total liquidation amount of $326 million. The unpredictable situation in the Middle East and soaring oil prices are dragging down cryptocurrencies! BTC fell below 70,000, but despite the sharp drop in US stocks last night, Bitcoin has shown resilience and did not follow the continued decline in US stocks.
Pay close attention to whether there will be an opportunity to buy on a second dip during the day; if such an opportunity arises, keep a close eye on it for trading opportunities! The current market is largely driven by localized conflicts, and major players are seizing the opportunity to aggressively reshuffle the market, so we can only control our positions and cautiously develop our positions!
BTC closed with a large bearish candlestick this morning, forming a multiple top pattern at 71600 before pulling back. It has now broken below the key level of 69000, which confirms that a crash is imminent. However, the direct drop would be too smooth. I might prefer that it consolidates below 69 before another wave of bullish traps and subsequent declines.
1) Today's intraday resistance is 69400. Short positions can be opened at 69250-69400, with additional short positions added at 69800; do not add more short positions if the price does not reach 69800. Short positions immediately after a further drop below 68800. Reduce positions with a stop-loss at 70400 (daily Bollinger Band middle line). Take profit on a pullback to 67850-67450.
2) Short-term long position: Buy one lot around 67450-67350, take profit on a rebound to 68250-68500. Stop loss at 67000.
ETH
Eth experienced a significant drop, falling to a low of 2034. The trading volume during the decline was significantly lower than that during the rebound on March 23, and close to but less than the trading volume during the decline from March 17 to March 19. This indicates that, on the one hand, the selling pressure was relatively weak and the decline was limited, and on the other hand, it suggests that the selling pressure has not yet dried up and there is still a possibility of further decline.
Ethereum has accumulated a large amount of liquidity in the 1960-2010 range, especially in the 1988-2007 range. Therefore , the major players may let Ethereum drop below 2000 to obtain this liquidity before starting the Bc wave upward trend.
(1) Intraday resistance is 2084-2102. Short positions can be initiated above 2072, with a take-profit target of 2036-2012. Stop-loss is at 2123.
(2) Long position from 2012 to 1992, add more long positions at 1982/1976, stop loss at 1972. Take profit at 2036-2050.
Copycat
DEGO
DEGO is an AI-related cryptocurrency, currently working on AI image-to-video conversion. It's an older Altcoin on Beta, with a market capitalization of around 7 million and a trading volume exceeding 10 million. The 0.33 level is a very good entry point, and a larger position can be added at 0.25. Hold on tight, hold firmly, and we'll see how it performs in a month, or even less than a month before it takes off, potentially doubling in value.
PENDLE
Binance Incubator's investment connects the trillion-dollar RWA market with multi-chain expansion. The vePENDLE wave wiped out many large investors. Such a high-quality asset, with staking dividends and the Pendle team's influence and connections in the industry, will likely be transferred to a new batch of interest groups and institutions.
Currently, PENDLE shows signs of bottoming out on the daily chart, so consider establishing a position around 1-1.2.
BP
BP's share price plummeted from 0.28 at the open to below 0.12, with a circulating market capitalization of 30 million and a fixed-price volume (FDV) of 130 million. This supposedly compliant exchange, a legitimate player preparing for an IPO, is instead exploiting its users by pocketing their transaction fees.
Using insider trading to dump shares and completely neglecting market capitalization management, this market value is actually less than that of a meme. The world is indeed a huge makeshift operation; when liquidity dries up, their behavior becomes extremely ugly.
STG
Short on STG at the current price of 0.266! Place a stop loss around 0.3, and the target is at least around 0.2! It's about to reach the 4-hour resistance level, and it's highly unlikely to break through. What's that saying again? Garbage should stay in the garbage can!
