The cryptocurrency market has experienced another bloodbath in the past 24 hours. According to the latest data, a total of 97,040 people worldwide have been liquidated, with a total liquidation amount of $266 million.
Market sentiment remains fragile, but the darkness before dawn often breeds new opportunities. The next two days are crucial for both BTC and ETH.
BTC: At the end of a converging triangle, a showdown between bulls and bears is imminent.
Bitcoin closed with a bullish green candle with upper and lower shadows this morning, and is currently forming an ascending converging triangle. 78000 has now become resistance, allowing for both long and short positions, but a break above this level is followed by a pullback, indicating significant selling pressure at higher levels. The 76000 level has held as support, having been tested several times without breaking it, so a further dip could present a long.
However, please note two points: First, the rebound that started from 76014 faces resistance at 78300 and 78800, and after the rebound, it is likely to fall again; second, the bearish order block on the 4-hour chart is at 78800-79600, which is a strong resistance level, and you can also consider continuing to short at this level.
ETH: The rebound is weak; wait for a faster pullback before short.
Ethereum is experiencing a minor rebound, but the momentum is weak, with the low only reaching around 2074 and failing to break through key levels. Resistance is around 2160; a break above this level would likely lead to a move towards 2200 or higher.
My current plan is to wait for it to accelerate its rebound before considering short. I'll keep an eye on the strong resistance zone of 2200-2230, which is also the lower edge of the triangle pattern where support has turned into resistance. I'll see if it can break through.
Altcoin
The RWA sector has basically seen a round of price increases. SKY started its monthly trend as early as January, and the leading stocks ONDO and CFG also saw a surge. Today, EDEN and BB started to move, while PENDLE and INJ are showing weekly increases. Even PLUME, invested in by Binance, has rebounded significantly recently.
Currently, there's one other coin in the sector: SYRUP, which is still relatively stable. Looking at its fundamentals, its Q1 assets reached $4.66 billion (a more than fivefold increase), and its revenue was $6.51 million (a more than fourfold increase). It hasn't undergone mandatory liquidation yet, and these are real data from traditional finance, not DeFi. Therefore, if you feel chasing other RWA coins at high prices is risky, you might want to consider SYRUP.
HYPE
The crypto is falling, but HYPE is rising, nearing its all-time high of 62. There's significant resistance near this high, and a significant pullback is expected. My plan is to short one contract around 59, targeting 52-53 for profit, and cutting losses if it slightly breaks the previous high – the risk-reward ratio is favorable. Be wary of false breakouts; if it breaks through and then falls back, you can reopen a short position.
ZEC
ZEC has recently surged, reaching over 670 with a trading volume exceeding $1 billion and its market capitalization breaking into the top 11. Looking at the daily chart, a break above 700 would likely open up space towards the previous high of 800. I bought in around 600, and my short-term target is around 750. After that, there's a high probability of a pullback to consolidate and accumulate more shares before pushing for new highs.
TON
TON is performing well and looks poised for a second upward move. At the current price of 2, a low-leverage long position can be initiated, with a stop-loss at 1.75 and a target around 3. Given the recent high level of interest and positive news, reaching a secondary high shouldn't be a problem.
PEPE
The whale on PEPE have started selling at a loss, losing $17.12 million. I said before that this coin is too heavily weighted, so the whale selling at a loss is actually a good thing. From a technical perspective, it would be safer to wait for it to retrace to the 0.0000033 to 0.0000035 range before trying to buy on a rebound. I last time entered at 0.0000037 and exited at 0.0000045. If it retraces to around 0.0000033, I will consider buying on a rebound.
MITO
When MITO rebounded, both volume and price surged, and open interest soared, suggesting that major players controlled over 99% of the market. The spot price reached 0.049, but the contract price was only 0.045, indicating selling pressure from short sellers. A short squeeze is likely to continue, given the contract funding rate is already 0.87%. Now it depends on whether they're willing to push the price up; if they have enough money, they could easily push it up like Rave.
Reminder: The market is awaiting direction, but some localized opportunities still exist. During market fluctuations, altcoins are developing their own independent logic, but most are high-risk, high-volatility stocks. Strict position control and stop-loss orders are essential.
