The weekend market was completely sold off, with gold, silver, and cryptocurrencies all plummeting!

I mentioned back in January that BTC could break 80000, but the main players were just pretending to rebound around 80000, tricking everyone into thinking it would rise to 100000 before a correction. Unexpectedly, the weekend directly crushed the bulls. Seeing that various communities had little reaction, I know that now it’s institutions competing against each other, while retail investors have long since fled. What follows is a bloody battle among institutions; the boss of Yilihua last time saw the 312 market go to zero. Let's see when it falls this time. BTC support looks at the Fibonacci 0.5 level around 70000, so if you want to catch the bottom, don’t rush; wait until around 70000 to act.

The on-chain penguin token has dropped 5 times from its peak, and today it seems to be forming a bottom, so it might be worth considering adding to the position.

Recently, avoid altcoins; even if they rebound, they will follow BTC, which isn’t very meaningful. The strategy will shift to a bear market approach: buy spot at the bottom, and after selling during the rebound, short the mainstream coins.