After the correction trend of Bitcoin for more than a month was reversed in the early morning of this Monday, the correction is an opportunity to enter the market and go long. After the trend reversed, the big resistance is 72,000 in early June. The nearest support level is around yesterday's lowest level of 62,300. The current market is considered to be a rebound, not a reversal. A reversal requires the negative news of MtGox to be realized and the Fed to change direction. MtGox needs 7-14 days to pay compensation, and the Fed's interest rate meeting at the end of July will depend on these two results.
Recently, Bitcoin has been rising for 6 consecutive days without a pullback. It seems that the chips you can grab below 65,000 US dollars may be very cheap if you look back next year. Remember what I said. According to common sense, if nothing unexpected happens, there should be a small pullback in the next few days, but there is support at 62,500. Friends who missed the opportunity, if the dog dealer still gives you a chance, get on the train boldly around 61,000 US dollars. After all, this time the big pie train is heading to the sky, but it is likely to break through the previous high. I have no doubt that next year's violent bull market will
During the previous correction, many fans asked me whether it is still a bull market and what stage of the bull market we are in. Next, I will take the last bull market as an example to share with you what stage we are in now.
As shown in Figure 1, the last bull market started in 2019. I personally understand that December 2020 is the early and middle stages of the bull market in the crypto market, that is, before Bitcoin breaks through its historical highs, the main players, dealers, and institutions will concentrate their bullets and strength to push Bitcoin to break through its historical highs, so that they can tell stories, open up the situation, create a get-rich-quick effect, attract more funds, and users to enter this market, thus entering the second half of the bull market, breaking through historical highs, flooding the market, and everyone starts blowing bubbles together.
The second stage is the bubble-blowing stage after Bitcoin broke through the historical high at the end of December 2020 until May 19, 2021. The previous stage can be understood as just an appetizer. These few months are the real main rising wave of Bitcoin and other altcoins and the so-called violent bull market stage. In this stage, Bitcoin continued to break new highs, create history, funds overflowed, and off-site funds continued to flow in. Whether it was mainstream, platform coins, or first- and second-tier altcoins, the market was full of money, and it was a carnival and prosperity.
For us now, I personally feel that I am still in the first stage mentioned above. There is no need to be pessimistic. Precisely because in the first stage, the money of the main large institutions is basically on Bitcoin, so you can see that recently there has been a sharp contrast between Bitcoin and the copycat. This situation has happened before. Those who are interested can look at the callback from Bitcoin 12,500 to 10,000 in August 2020. At that time, DEFI was on the rise, and the copycat was also in a state of drunkenness and despair.
History will not be exactly the same, but it will always be surprisingly similar. When the big cake breaks through the historical high again and goes out of its main rising wave, the craziest stage of the bull market will come, so now is just the appetizer, the bull is always there. There is another most important thing, the market generally comes in rounds, if you miss this round, you should wait patiently for the next opportunity, and never think that you will never get on the train again if you miss this time. This mentality will definitely lead to chasing highs and being trapped.
