$BTC Technical Analysis
Bitcoin Retracement Analysis:
The retracement from the highest point of 108,353 can be seen as an adjustment to the blue impulse wave.
Large Scale Trend:
Bitcoin is currently showing strong momentum with limited declines, which is the main reason for market panic. Bitcoin has not dropped significantly, while other altcoins have experienced substantial declines. If Bitcoin were to drop significantly, the altcoin market would face greater pressure.
Wave Type Analysis:
The wave type remains unchanged. If the previous low cannot hold, then 89,600 will be an important support level. The market does not operate on the principle of perpetual rises or falls. It is not advisable to short easily at this time; for example, a friend repeatedly shorted at the 100,000 mark and suffered losses multiple times. The cost-effectiveness of shorting at this position is not high, and it is suggested to refer to the chart only.
Support Level:
The previous low is a key support. If it breaks, then look towards 89,600.
Altcoin Perspective:
All altcoins are oversold relative to Bitcoin. This includes major mainstream currencies such as $ETH , SOL $BNB , etc. If the market experiences a rally of the same magnitude, it will be extremely hot and worth anticipating.
