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Bitcoin fell again last night, breaking below 95700. The short-term trend remains the third 1-hour level decline, which is part of the overall 4-hour level correction process. During the period of Bitcoin's fluctuations, the altcoin market did not experience a collective correction, indicating that capital in the altcoin market is starting to become active, which aligns with our previous statement that we are currently in the early stage of altcoin season.
Binance founder CZ currently hints at the arrival of altcoin season. Why is there a short-term correction in Bitcoin, but the altcoin's decline is not significant? This is partly due to capital from Bitcoin spilling into the altcoin market, and also because Bitcoin is in a fluctuating adjustment, not a straight drop, allowing altcoins to remain active. Of course, altcoins cannot rise every day; there will be periods of rest. Perhaps when Bitcoin rises again, active altcoins may briefly adjust. However, the current altcoins will not experience a continuous decline to lower positions like from April to September this year. The corrections in between are merely adjustments during an upward trend.
BTC
Due to the rapid changes in the market, the article can only make predictions based on market changes at the time of publication. Short-term players should pay attention to the latest market changes, which are only for reference.
1H:
1-hour level: Yesterday, it failed to achieve a 1-hour level rebound, so it is still the continuation of the third 1-hour level decline. In the short term, we focus on 93800; if it breaks below, then look at around 92700. Expecting that the 1-hour correction should be almost over here, with an opportunity for a 1-hour level rebound to over 97000 tomorrow, followed by the fifth 1-hour level decline to around 90000.
Overall, we still lean towards Bitcoin being in a fluctuating correction. The term 'fluctuating correction' literally means completing a 4-hour level correction during the process of ups and downs. The fluctuating correction also indicates that the current situation is still relatively strong, as the main body uses time to exchange for space to repair indicators. After the market is well repaired, it will continue to surge above 100000.
15M:
15-minute level, the structure will be a bit more complex. Here, we look to see if it will break below 94000 again; if it does, the 1-hour correction structure will be more complete. Expecting an opportunity for a 1-hour level rebound tomorrow, focusing on the area around 97000 to 98000.
ETH
Ethereum here tends to undergo a 4-hour level correction, paying attention to whether it will retrace to around 3500 or 3480 in the evening or early morning. Expecting a 1-hour level rebound in the next day or two; as long as it does not break above 3760, there will still be a 1-hour level correction. Specific observations can be made.
Ethereum is expected to significantly rise after a brief adjustment, breaking above 4000. Please be patient for the next wave of increase.
Trend direction
Weekly level: Direction is upward, currently in a new weekly level upward trend, overall target looks above 150000.
Daily level: Direction is upward, with an expected rise to around 120000.
4-hour level: Direction is downward. If it does not break above 99250, it should still be a 4-hour level correction.
1-hour level: Direction is upward, short-term attention is on whether it will break below 94000 again, expecting an opportunity for a 1-hour rebound to over 97000 tomorrow.
15-minute level: Direction is downward, pay attention to 93800, 92700.
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The article is time-sensitive, please pay attention to risks. The opinions in the text are only personal suggestions and for reference only!
