In the past few days, Bitcoin has dragged down the entire market significantly, almost like a merciless meat grinder. As early as December 17, I reminded everyone that the market might need to adjust, and the technical indicators also showed signs of decline. I also advised everyone not to open contracts. Those who listened should have avoided this big drop.
So, how will the market move next? Let me briefly share my thoughts; only for personal views, not investment advice!! This large drop has multiple reasons.
On the Federal Reserve side, old Powell said they cannot buy Bitcoin and do not want to change the law, which poured a bucket of cold water on the market. Moreover, those who made money earlier now want to take it out and secure their profits.
Additionally, we cannot rule out the possibility that large holders are intentionally suppressing small retail investors. But to be honest, this time, though the drop was fierce, from 108,000 to 92,280, it was only a drop of less than 15%, which is still acceptable.
Many altcoins have been halved, like Dogecoin $DOGE, which dropped from 0.48 all the way down to 0.262; that's truly tragic, a drop of 45%! Think about the last time it adjusted, Bitcoin fell from 73,777 to 49,000; that was a breathtaking drop, the extent was frightening.
Now, Bitcoin seems to have stabilized a bit, recovering to around 97,000. I estimate that over the weekend, the market will fluctuate around this position to consolidate. At this time, it's not suitable to make random moves, but if you think the price is right, buying some spot to hold is also a good choice.
Back to today's daily $BTC market analysis, from the candlestick chart, the 1-hour level shows an uptrend (momentum is insufficient and about to consolidate), the 4-hour level is up, the 12-hour level is down, and the daily level is down. The intraday resistance is at 100,000, and the support is at 94,000 dollars.
Let me say, ZEN is really awesome! It's number one on the rise list!
First, congratulations to those who made profits! I also opened a position yesterday, with an entry price of 17.6, currently peaking at 30.14.
Steady profit of 71 points.
Grayscale only has two favorites, currently focusing all efforts on nurturing Zen. I believe after Zen is completed, Grayscale will buy LPT, and LPT will eventually start buying just like Zen. For those who missed Zen, there are two choices: those who are bold can continue to chase Zen, while those who are timid can ambush LPT. LPT also has a potential of 50 times.
Every time there is a crash, the market is filled with wails, blood flows like a river; this is how the crypto world is, bloody yet irresistible for the retail investors, a love-hate relationship. Since we can't escape it, let's embrace it; life goes on, and we still need to mingle in the crypto world. Let's talk about the three musketeers of the crypto world.
1. BTC focuses on around 98,000; if it can stabilize effectively, there is hope for further upward movement, but the probability is low. There is not much liquidity over the weekend, and if it can't stand firm, it will face downward fluctuations, with support around 94,000 below.
2. ETH has seen a significant drop this time, and the contract market has basically been cleaned up. Focus on around 3600 upwards; personally, I feel that Ethereum will rise more smoothly next, with better cost performance.
3. SOL has performed quite normally this round, and yesterday I also let everyone catch a rebound. Currently focusing on around 200 to see if there's a chance to stand above it.
Look at which altcoins have strong rebound momentum; you can plan to gradually layout during the pullback. DOGE and ENA SUI are both good targets.
