Yesterday, Bitcoin rebounded and consolidated after a spike. In the evening, the US non-farm data came in below expectations, indicating poor economic conditions that urgently require rate cuts to stimulate economic recovery, leading to an increase in Bitcoin. Overnight, it returned above 100k, just as mentioned in yesterday's article (Bull Market Spike! Did Bitcoin's sudden drop to 10000 stabilize? Ethereum is rising! Altcoins are rallying! Buy this coin, it will soar!). Bitcoin experienced a violent sell-off last night, which clearly appears to be manipulation, with a clear aim to clear out long leverages before making a renewed attack.
Having just finished a big drop, new investors are bound to be anxious. Upon waking up, they immediately shout that entering the market earlier yields greater profits, but many remain hesitant. New investors often turn bearish after a significant drop, resulting in short positions being trapped. As the indicators are being repaired these days, rushing to short positions will likely lead to losses at low levels. So, the normal strategy is to buy on dips.
Bitcoin broke 10000 for the first time the day before yesterday and surged to 104600, which is a false breakout. Now it's testing again. If it bounces back and closes above 100k next time, and doesn't drop below 100k again, then the next strong resistance is 107300 (once 104600 stabilizes, it will quickly aim for this level). The future price could reach 110-120k, and if it drops below 100k again, it will also require a significant rally to achieve that. Normal corrections won't easily break key integer levels. Once this level is stabilized, the bears need to remember this! So beginners shouldn't short easily, thinking they can short just because it has risen a lot. You don't understand the logic of a bull market.
The weekend's Bitcoin consolidation is also a time of madness for altcoins.
Let's look at Ethereum first. Although it moves slowly, its structure is still good. Yesterday's surge also boosted DeFi and some Ethereum ecosystem coins. The short-term pressure for Ethereum is 4100. Once it passes 4100, it will aim for a historic high.
As for the coins in this sector LDO, OP, ENS, SS, ETHFI, W, in the short term, the ones with potential and strength are mainly ENA, while the others either still have bear market genes, or face significant selling pressure, or have poor coin characteristics!
Ethereum is the symbol of altcoins. Only when Ethereum improves can the altcoin market flourish!
Looking at my October shared PANDORA, they said the big players have run away, but I entered to buy the dip, and it’s profitable! (A sudden surge! How to operate with Bitcoin at this moment, how high can ETH rise this time? In October, meme coins are flying around, focus on these 3 potential coins) There are no yacht coins, scam coins, or unethical coins; those with substantial backing are all reliable coins.
Coins like TRB are actually honest; they neither make grand promises nor tell stories, just purely pump the price. It's even simpler than MEME. Other projects tend to be more deceptive with various narratives, empty promises, good news, bad news, and token issuance.
RSR
The pullback is almost over, with $0.0160 as a strong support level. There will still be opportunities to push higher, so hold your long positions well.
Dogecoin DOGE
Bitcoin is unattainable for all retail investors, but Doge is not. Once the Doge sector goes live, it will be trending globally. If you don't invest in Doge early or hype it up, next month you can only buy Doge for 1u, and it wouldn’t be surprising if it rises to 2u. Once Doge starts to surge dramatically, the overall meme market adjustment will end, and a wilder wave will begin. Elon Musk's signals definitely shouldn't be explicit; this diagram suggests that Doge is about to explode.
