The market continued to fall over the weekend, and retail investors continued to be bearish on FUD, but whales kept buying and buying and were not idle. This is the current situation of the market.
Everyone is very pessimistic in the market at present. The copycat stocks they hold are constantly losing money and being cut in half. The problem is that the big market is still at a high level. It can be predicted that when the big market soars, the copycat stocks will at most return to their high levels.
Meme's performance has not been very good recently, and everyone is even more pessimistic. On a macro level, they are worried about the US economic recession, and on a micro level, they are worried that the industry lacks innovation and cannot bring sustainable growth.
Back to the market, after looking at the analysis written by the artist, BTC may still hit the previous low of 49,000 on the left.
From a weekly perspective, the current market structure is somewhat similar to August or December 2021;
All three experienced price corrections at the weekly level and fell back to MA60. The price behavior in area A continued to rebound and stood back to MA20, while the price behavior in point B was that the rebound could not stand back to the weekly MA20.
From this perspective, the current market is more similar to area B. After falling below the weekly MA20, the moving average was tested, and a weekly line with a gate pattern appeared. This means that if the price behavior is repeated, we will see the weekly line continue to decline until it falls below the MA60 before rebounding.
Coincidentally, the price of the weekly MA60 is exactly the previous low of 49,000 on the left. I believe you have guessed how the market will play tricks on people if the same price behavior occurs;
We give an example here, which does not mean that this situation will definitely happen, but it is indeed disgusting:
1. The price continues to fall and falls below 49,000, triggering a large number of trend strategies and long-term traders to close their positions or sell spot goods, and the market enters a state of extreme panic;
2. However, after the price broke the previous low, it did not continue to fall, but instead began to rebound and formed a bottom pattern within 2 months (lower lows and higher highs);
3. Until a big positive line appears on the weekly chart, breaking through the high point on the left, and returning to the price above 55,000, which is the current price range, the market will rekindle hope and attract a large number of spot buying orders in the process of crazy short selling;
4. The price continues to draw a door and enters a new bearish trend;
In other words, this script makes it seem like the market is heading for a bear market, but just after giving people this feeling, it starts to build a bottom pattern, and only after the bottom range is broken through does it begin to resume the original bearish trend;
The funds that have been bought at the bottom recently above 55,000 will be washed out in this market, and then not long after selling at the lowest point, the price will return to the original bottom position;
Moreover, if we look at it from a superficial perspective, the market conditions in September are usually not very good.
There is basically no new blood in this bull market, and most of them are old people left over from the last bull market. These old people are those who missed the opportunity in the last bull market and did not hold on or are short-term players.
So from the beginning, I summed up the experience of the last bull market and bought long-term. But things went against my wishes. It seemed that the market had anticipated all this in advance, which slapped the faces of most long-term players.
Since you have read this far, please follow and like before leaving. I am Qingtian, an old investor who sincerely wishes you to get rich!
