Last night, Bitcoin rebounded, driving the altcoin sector to rise, but after encountering resistance, it closed with a doji. This morning, Bitcoin (BTC) continued to retreat, briefly breaking below 93k, and dragging the 5-day moving average to turn downward. It seems that there is still a lot of selling pressure at 100k, and the bulls have paused for a pullback to gather strength; overall, the market remains healthy.
From the recent 4 hourly candles, Bitcoin has already stopped falling in the short term, with Bitcoin pulling back 7% from its high. Many friends have been asking if the market has peaked. In my view, Bitcoin has not peaked yet. The large-scale trend is formed by the resonance of small to large scale upward movements. To disrupt the trend, it needs to be damaged step by step. The current pullback can be termed as a fluctuation; the large-scale trend has a 99% probability of not showing an A-top. We only need to consider one question: the main funds buying Bitcoin at low levels aim to sell at high levels, and creating an A-top would affect the exit price of the main funds. Therefore, without a black swan event, the probability of an A-top is nearly zero.
In this pullback of Bitcoin, BTC.D has tested the MA60 strong support several times, and finally, the daily candlestick closed below it. Additionally, the small-scale moving averages show a downward trend. Previously, I said that when the meme drops, everything comes to life. Now I want to say, one whale supports all. The performance of Ethereum and altcoins has been resilient; does it mean that the funds from Bitcoin are starting to flow into Ethereum and the altcoin sector? The US stock ETF already shows this sign, and further observation is needed. If this is the case, I have outlined 2 short-term strategies for everyone's reference.
(1) Add positions on dips
Friends with limited positions should cherish every opportunity during the bull market when there are temporary pullbacks. The bull market often experiences sharp declines, and in the short term, I believe 89500 is the major support level for this pullback. Here, one can clear out 10x and higher leverage contracts, which will facilitate the breakthrough of the 100k mark. After all, there hasn't been a decent pullback since breaking 73777. Especially as Ethereum and altcoins start to strengthen, if you don't enter the market now, when will you?
(2) Reduce positions on highs, secure profits
Friends with full or heavy positions can adopt this strategy. During this rebound, one can gradually reduce positions at the high points until they feel less anxious, but make sure not to liquidate completely; that’s a major taboo! This strategy aims to bet on Bitcoin having a deeper pullback of over 10%, which will also drag down Ethereum and altcoins. The bull market is not a one-time event; there are significant pullbacks during the upward process. Taking some profits at high points and adjusting positions is also a good choice. Recommended coins for gradual buying: ETH, SOL, RAY, OM, PEPE. Bull market pullbacks are opportunities to enter, seize the main line, and catch the promising tracks; BESB offers regular returns; the altcoin season is where the real wealth creation happens!
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