"Market Analysis for February 23: Signs of a New Low Emerging, Last Hope for the Bulls at This Level."

Fellow B friends, I wonder how everyone spent their Spring Festival. During this period, the crypto market experienced relatively small fluctuations. Before the festival, I reminded everyone to hold more short positions. The advantage of holding long-term short positions is better than going long, as short-term longs can only be short-lived. Looking back now, it was still a good suggestion. This morning, Bitcoin also fell to the previously mentioned support at 64,200 to gain liquidity and rebounded. As for the daily chart, there are signs of continuing downward movement.

$BTC Bitcoin needs to break through the 65,900 resistance; if it can't go higher here, it will be difficult to move well. The support below is at 61,400-61,200, which is the last line of defense for the bulls. If this level breaks, a new low won't be far away. Therefore, whether 61,400-61,200 can rebound will be the final judgment for the bulls.
$SOL The pressure at 82 for Solana is significant; it was difficult to reverse before reaching this level. The support below is at 74.5 and 71. The 74.5 level may see a short-term rebound. The last line of defense is at 71; if it breaks again, a new low will likely occur.
$ETH Ethereum's resistance at 1922 is tough to break through; it will be hard to reverse before reaching this level. Short-sellers should pay attention to this level. The support below at 1780-1760 is the last line of defense for the bulls. If broken, a new low could be around 1570. Keep an eye on this 15xx level.

In summary, the daily chart shows no signs of reversal yet. B friends should continue to watch for further declines. If the last line of defense for the bulls cannot hold, a new low may accelerate. If it holds, the market will continue to fluctuate until a new narrow-range phase arrives, at which point a new low may be seen. Maintain a strategy of shorting on rallies and continue observing the market. If you're unsure about the market trend or uncertain about the direction, welcome to join the Chief Analyst. Click to join the Chief Analyst community (Follow the Chief for daily market analysis and precise entry points. Long and short ideas are for reference only. Strict stop-loss and take-profit are recommended.