🔥 Last week's market review
Brothers, a new week officially begins! Last week was quite eventful, with the market experiencing dramatic fluctuations. On Monday and Tuesday, Bitcoin (the big cake) surged strongly, jumping from around $67,000 to $73,620, nearing the historic peak of $73,777, just over a hundred dollars away from breaking the record. However, after failing to break through, the market quickly entered a correction phase, with major spots following downward, as if returning to before liberation overnight. Currently, the daily line has closed down for five consecutive days, but I am optimistic that the market will rebound this week.
Current quotes: Bitcoin ($BTC ) about $69,200, Ethereum ($ETH ) about $2,470.
Retracement: As of now, Bitcoin's retracement is less than 10%, while Ethereum and other altcoins have retraced more significantly, with some altcoins retracing over 20%. The market has not yet started to rally and has once again entered a downward channel.
Intraday trend: Expected to show a volatile trend.
BTC: Resistance levels at $69,500/$70,000/$70,800, support levels at $68,800/$68,000/$67,200.
ETH: Resistance levels at $2,480/$2,550/$2,600, support levels at $2,450/$2,400/$2,320.
💸 Spot market analysis
Currently, the secondary market spot market is sluggish, with few profit opportunities, and shorting may become one of the few profitable avenues. Only a handful of altcoins can operate independently, and there is a severe lack of sustained funding, with rapid declines following any brief rallies. These coins are mostly low market capitalization, low trading volume, and low holders, making it difficult to create significant wealth effects.
In contrast, the primary market frequently sees dark horses, especially projects linked to celebrities like Trump and Musk, which always stand out, achieving tenfold, dozens of times, or even hundredfold increases. Therefore, experienced players might as well pay more attention to the primary market, taking small risks for large rewards.
This week, the results of the US presidential election are about to be revealed. Personally, I hope Trump will win, adding more hope for a market rebound.
Position suggestion: For the spot holdings, it is recommended to maintain a stable position, neither increasing nor decreasing the holdings. Be sure to control your position well, avoid blindly following trends (Fomo), and do not operate with a full position. We should closely follow market trends and act accordingly; if the trend is upwards, actively participate, and if the trend is downwards, observe calmly!
Moreover, many altcoins have seen prices drop several times or even ten times compared to the March highs, so do not easily try to catch the bottom. The market trend has changed, and older coins may struggle to recover; we should seize the hot spots and keep up with the trends!
Brothers, let's embrace the challenges and opportunities of this week with a brand new attitude!
