After Bitcoin reached the position of 108,400, it began to decline continuously. In my recap yesterday, I already reminded that a slight increase replaced the sideways consolidation, and we need to be vigilant for a pullback while waiting for direction. As long as there is no crash, the recent drop of several points is beneficial for the long-term bull market development, as some profit-taking is necessary. If you are still liquidated after this drop, you really need to reconsider your trading strategy.
If you can't learn anything from liquidation, it will continue to happen. Also, I warned yesterday not to open contracts; it's inappropriate to open contracts at this level. So how will the market develop next, and what is the preliminary signal for stopping the decline? We can discuss this.
In terms of Bitcoin, there hasn't been any significant fundamental change. Yesterday, someone shouted a favorable outlook, and institutions are continuously increasing their holdings. It is expected to consolidate around $100,000, and in the long term, it should continue to rise. Continuous declines are also without volume and can be viewed as ongoing consolidation in this range. All increases must solidify before moving to the next step. Based on this, if it can dip below $100,000, it can be a good time to enter in batches, continuously reaching $85,000. For $BNB, it is predicted to fluctuate around $700, and the way to trade BNB is suitable for grid trading. Ethereum is also pulling back and consolidating, which is not surprising as it is driven by Bitcoin.
In the short term, as long as Bitcoin doesn't mislead, Ethereum $ETH will certainly rise gradually. Below $3700 is actually very suitable for small long-term investments. When it returns above $4000, those who are risk-averse can sell some and wait for a pullback. Dogecoin $Doge has been mentioned before; as long as there is no shout from Elon Musk, it will continue to decline. It is very difficult to operate with coins that have high human interference factors. At least it needs to drop a bit recently, but January still has upward opportunities.
Returning to today's daily $BTC market analysis, from the candlestick perspective, the hourly level is down, the 4-hour level is down, the 12-hour level is down, and the daily level is down, with intraday resistance at $103,000 and support at $975,000.
Four cryptocurrencies worth watching, which may yield a hundred times return!
Cardano (ADA)
Cardano (ADA) is currently in an upward trend. The price has risen 8.86% over the past week. In the past month, it has increased by 47.30%, and in the long term, ADA has risen by 183.90% over the past six months. These numbers indicate a significant and growing interest from investors.
Based on this data, the price of ADA may continue to rise. The current price range is between $0.94 and $1.22, above the 10-day and 100-day simple moving averages (which are $1.09 and $1.08 respectively). The RSI is 53.92, indicating a neutral condition and room for further price increases.
If ADA maintains its momentum, it may test the recent resistance level of $1.35. Breaking through this level could lead to a price increase to $1.63, which means a potential upside of about 10% from the current price. On the downside, the support level is $0.78, which means a drop of about 15%. Traders should closely monitor these levels to predict the potential trend of ADA.
Dogecoin (DOGE)
Dogecoin (DOGE) has recently shown mixed returns. The price has dropped 3.14% in the past week, but over the past month, DOGE has risen nearly 10%. However, in the long term, DOGE has risen 228.17% over the past six months, which is impressive and indicates significant growth despite short-term fluctuations.
DOGE is currently trading between $0.3588 and $0.4603. The 10-day and 100-day simple moving averages are close to around $0.403. The relative strength index is 47.39, indicating a neutral market. The stochastic oscillator is below 30, which suggests that the token may be oversold. The MACD level is slightly above zero, indicating a potential upward trend.
According to these indicators, DOGE may rise. If the price increases, the resistance level is $0.5145. Breaking through this level could lead to the next resistance level of $0.6160, with a potential increase of about 35%. On the downside, the support level is $0.3115, indicating a drop of about 12%. The data suggests that if DOGE can overcome these obstacles, it has room for growth.
Ripple (XRP)
XRP has experienced significant growth in recent months. Over the past six months, the price has risen 436.51%. In just the past month, XRP has increased by 135.70%, with a rise of 19.43% in the past week. Currently, XRP is trading between $2.03 and $2.73, indicating strong market performance.
Technical indicators suggest that this upward trend may continue. The 10-day simple moving average is at $2.63, above the 100-day moving average of $2.45, indicating short-term strength. The relative strength index is at 63.73, slightly below the overbought threshold, still with room for further increases. Additionally, the MACD level is a positive 0.0520, indicating bullish momentum.
Looking ahead, the recent resistance level is $3.02. Breaking through this point could lock XRP into the second resistance level of $3.73, with a potential increase of about 37%. On the downside, the support levels are $1.61 and $0.9041, which may cushion any pullback. Overall, the data indicates a positive outlook for XRP, with further upward potential in the short term.
Dogwifhat (WIF)
The WIF EMA line currently shows a bearish pattern, with the short-term EMA below the long-term EMA. This setup indicates that downward pressure continues, and WIF may test the support level of $2.19.
If this level cannot be maintained, the WIF price may further decline, potentially reaching $1.88 as the next significant support level.
On the other hand, if the WIF price can reverse the downward trend and regain positive momentum, it may challenge the resistance level of $2.91.
Successfully breaking through this level may pave the way for further increases, with a target price of $3.47, and if the upward trend strengthens, it could even reach $4.
The cryptocurrency market has always been a process of survival of the fittest! If you want to avoid being eliminated, you must make changes!
Every penny you earn is a realization of your understanding of the world; every penny you lose is due to your cognitive shortcomings. The greatest fairness in this world is that when a person's wealth exceeds their understanding, society will have 100 ways to harvest you!!
Until your cognition matches your wealth. Waiting for a bull market is the most torturous!
But if you wait until then, you will understand what it means to endure hardship before gaining sweetness. Everyone must not leave the market; the difficult days are about to end, and a violent bull market is coming!
If you have been stumbling around in the cryptocurrency market and can't find direction! Or if you have been losing money! You can follow me.