February 23 BTC/ETH Market Strategy

On the seventh day of the Lunar New Year, tomorrow the eighth day, everyone will be back to work. The early morning Bitcoin and Ethereum prices gave a very deep support level. Although the correction was significant, it may not be a bad thing for the market after resumption. After all, this area aligns with the "double bottom expected zone," the key is whether the second bottom can form. Today's article will provide a forecast zone for your reference. Geopolitical tensions are still intense, with Iran and the US at odds, compounded by global tariffs. Early in the morning, Russia reintroduced nuclear escalation, and there are reports that Iran has Russian backing. I cannot comment on these developments; I only wish for "world peace."

Bitcoin: 67,150 broke through quickly in the early morning. It has now reached the first resistance zone from February 6, which is also the true starting point of this correction. Whether it can hold is crucial, and the key level to watch is 62,500-63,900. Because there is actual chip exchange in this range, I recommend considering this area for potential long entries on the left side. If a rebound occurs on the right side later, it can be used to fill gaps and play a mid-term double bottom trend. For short positions, look at the 66,000 level. Originally, 66,000-67,150 was a box range; if the lower boundary is broken, it becomes resistance, and this is the operation mode for shorting at resistance. On a larger scale, if it breaks below 60,000, there is strong support at 55,800, and further down is the 45,400-55,800 zone. You can refer to the weekly chart.

Ethereum: The 1940-1965 range supported the entire Lunar New Year holiday. Unfortunately, it has yet to reclaim the 2000-2015 level. Coupled with the impact of the Li Keng news, early in the morning it quickly broke through multiple supports and reached 1873. The previous post actually indicated that 1873 is a strong support. Currently, it shows some support effect, and below there is a highly cost-effective zone at 1772-1825. This is also the resistance zone from February 6. If the market reaches this area, it is recommended to enter early. For a bullish move, consider shorting at 1912-1941. This also follows the support-resistance reversal principle: once support is broken, it becomes resistance. On a larger scale, if it breaks below the previous low of 1740, the downside space opens up, revealing the 2022 golden pit level. The potential space is roughly between 1260-1420. Interested readers can refer to the weekly chart.