Bitcoin just broke a new high yesterday, and it broke another new high again early this morning!
It seems I was right yesterday; breaking new highs and staying above them won't deviate much, primarily focusing on solidification and consolidation. Most mainstream coins are also experiencing slight fluctuations. This current market condition is quite annoying and hard to operate in; positions are high, and trading volume is low. Will altcoins rotate?
In the battle of bulls and bears, let's analyze the likely future direction. This article is just a personal review and does not constitute any investment advice.
Bitcoin's recent new high doesn't look good; I predict it will consolidate around 105,000. There hasn't been a significant bullish candle, but overall the candlestick chart is still quite bullish, in an extremely bullish state. Without a breakout in volume, we need to pay attention to the possibility of a pullback. The probability of a short-term rapid rise is low; this position is still not suitable for opening contracts or holding coins. If it drops below 100,000, it would be a good opportunity to gradually pick up cheap coins.
BNB is expected to fluctuate in the range of 700 to 740. When Bitcoin is on the rise, BNB generally shows a weaker performance, making it more suitable for spot trading in that range.
ETH is expected to consolidate around 4000. It performed strongly yesterday, especially during the period when Bitcoin just broke new highs. As long as Bitcoin doesn't drop significantly, Ethereum may reach new heights. Back to today's daily update.
BTC market analysis: from the candlestick chart, there is a sign of stabilization at the 1-hour level, an uptrend at the 4-hour level, an uptrend at the 12-hour level, and an uptrend at the daily level. The intra-day resistance level is 109,000, and the support level is 103,700 USD.
The crypto market is in a frenzy! Is a bull market coming?
Recently, the crypto market has been extremely hot, with Bitcoin (BTC) hitting new highs, breaking key resistance levels, which has rapidly boosted market sentiment! At the same time, Ethereum (ETH) and other mainstream altcoins have also experienced strong upward performances, and many investors are asking: is this a signal of the return of a bull market?
1. Market Condition Analysis
Bitcoin's breakout, accompanied by global economic macro policy easing and increased market liquidity, has become the core driving force behind this round of rebound. ETH has followed closely, showing a steady upward trend. Meanwhile, altcoins like AAVE and Avalanche (AVAX) have also rebounded, further igniting market enthusiasm.
2. My Operational Strategy
In the face of the current market frenzy, I would choose a 'hold and wait for a rise' strategy, especially for BTC and ETH, as these leading coins have lower long-term holding risks.
Moreover, I am also paying attention to some altcoins with outstanding technical and fundamental performances, such as 'AAVE' and 'BGB'. These tokens might become the 'dark horses' of the next breakout.
VANA coin opened with a several-fold increase; let's take a closer look at whether this coin still has room to grow.
What is VANA coin?
VANA coin is the native token of the Vana network, which is a decentralized AI data liquidity platform. The Vana protocol was developed in collaboration between the Vana Foundation and Open Data Labs, aiming to allow users to contribute their private data on-chain for projects building the future of artificial intelligence. Through the Vana network, data owners can securely and anonymously share their data, while data users can obtain the desired data value without exposing the original data.
VANA coin plays multiple roles in the Vana network. Firstly, it is an important tool for participating in the DLP (Data Liquidity Pool) staking, allowing users to stake VANA coins to participate in the construction and operation of the data liquidity pool. Secondly, VANA coin grants users governance voting rights, enabling them to participate in the decision-making process of the Vana network and shape the future of the network together. Additionally, VANA coin can be used for paying network transaction fees, incentivizing network contributors, and paying for data access fees.
Summary: VANA has a total supply of 120 million coins, and currently only a quarter, or 30 million, is in circulation. If it rises to 35 USD, consider that Ordi has a total supply of only 21 million and a price of also 35 USD; this means a new coin could surpass Ordi's market value upon launch.
So refer to your own analysis; this coin doesn't seem to have much potential in the future. It is likely to peak on the first day and then slowly decline. I think this coin's price is only normal below 10 USD, so I do not recommend participating. There will be a large number of token unlocks later, and prices will only continue to drop.
To conclude, I'll share an idea: as previously mentioned, your portfolio must include BTC, at least on three levels!
One logic is that when Bitcoin rises, altcoins may also rise, or they might not and instead decline. If you have Bitcoin in your portfolio during this time, the profits from Bitcoin will offset some of the losses from altcoins. Your losses will be smaller!
When Bitcoin drops, most altcoins will also pull back, but Bitcoin's drop is generally less than that of altcoins. Similarly, your account's drawdown will be smaller! Thus, holding BTC is very important! Bitcoin does not have a price ceiling; there is no highest, only higher!
The current altcoin updates are coming in too fast. Choosing a single altcoin for a big bet is not a wise move! Outdated altcoins cannot escape the fate of being delisted!
