Market Review:
Last night, I recorded a video on Weibo explaining the market. Bitcoin looked at a second test rebound near 72000, and it shot up directly in the morning; it was too fast! The long position placed last night at 69150-68550 was perfectly executed with the first order! The current market is very similar to the tin reduction market in September, mainly rising during the Asian session, and the A-share market is slowly replicating the September trend!
Technical Analysis:
BTC: Daily chart level, currently forming a large bullish candle, which is typically followed by either a small bullish candle or a significant pullback. Next, focus on the upper level around 75,000 points; in the coming days, pay close attention to the daily level forming a pullback after a spike, leading to a bearish candle pattern. After breaking historical highs, basically all technical analysis becomes less relevant; it's now about personal experience. Currently, the market seems to be stagnant, and for intraday operations, focus on the 1-hour chart for a significant spike followed by a pullback, aiming for short positions on the next high. Do not chase the rise, and definitely do not short during an uptrend! Signals for a major downturn must be based on the daily trend; a daily top signal usually manifests as a spike followed by a small bullish or bearish candle. Today's focus is on quick entry and exit short-term trading!
ETH: Yesterday, the ETH/BTC exchange rate touched 0.03522, hitting the lowest level since the bull market peak in 2021. The decline in the exchange rate indicates that Ethereum (ETH) is relatively undervalued compared to Bitcoin (BTC), meaning one unit of Bitcoin can exchange for more Ethereum. This shows that Bitcoin's market dominance has increased while Ethereum's demand has relatively decreased. This is also reflected in the fact that Bitcoin has repeatedly returned to historical highs, even breaking new highs, while Ethereum remains in a sluggish low-range oscillation. On the daily chart, there is significant support around 2400 points over the past three days, with a substantial rebound stalling around 2630. The 4-hour chart clearly shows concentrated selling pressure above 2630. The overall trend of Ethereum depends on the sustainability of Bitcoin's market. For intraday operations, focus on the resistance at 2630-2660 above and the support near 2520 below.
Altcoins: The currently strong altcoin sector is still mainly the meme segment, especially the Doge and Mask from the 'Old Horse' series! Since the Doge started to explode the day before yesterday, the Mask that was favored at the same time has risen nearly 20%. Yesterday I shared the experience of NEAR, which has risen nearly 15%. Following the principle that the strong remain strong, we should look favorably on the strong coins in the hot sectors. So far, it is still possible to hold coins and wait for a rise, while also paying close attention to the signals of high-level selling pressure from Bitcoin to make corresponding adjustments! Additionally, I have always mentioned that XRP can be viewed positively at the 0.5 position; currently, it is just a small rise. Those who like to react late to explosions can also pay close attention!
The cryptocurrency market is highly volatile; enter with caution. This is a personal opinion, not a suggestion, and is for sharing only.
