The market is currently waiting for direction, and there are two core reasons: First, the Federal Reserve is meeting on the 19th, and major capital is holding back and afraid to move; Second, conflict has broken out in the Middle East, with money flowing into gold and crude oil, which naturally makes the crypto space look quiet.
Looking back at last night's market action: After the US stock market opened, BTC rushed to 73,800, and ETH touched 2,200. Many people thought a breakthrough was coming, but it reversed and crashed down—this is typical pump and dump by whales. The 74,000 and 2,200 levels are too strong, like iron plates; unable to break through, it can only pull back.
What's the situation now? BTC is hovering around 70,500, and ETH is oscillating near 2,090. Adding the weekend action, today will likely range trade: BTC 69,500-72,500, ETH 2,050-2,150.
If you want to trade, remember the big picture: The daily and weekly charts haven't broken out of the consolidation range, with big coin at 68,000-74,000 and alt coin at 1,800-2,200. So the strategy is to sell high and buy low, take profits and leave, don't get greedy.
Here's how to look at specific levels:
If you want to go long, wait for a dip to around 70,000 to stabilize, try a small position, stop loss at 69,000, target 71,500-72,300. If the level isn't reached, don't move, patience wins money.
If you want to go short, try around 73,000 on a bounce, stop loss at 74,100, target 71,000.
Control your position size strictly, don't get caught up in the rhythm of last night's big swings. Wait for the Federal Reserve announcement on the 19th—from current signals, holding rates stable is the high probability outcome, so the big direction is still consolidation and decline, since we haven't bottomed out yet.
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