The market is constantly changing! Bitcoin broke through $100,000 with a large bullish candlestick, and it was thought to be a valid breakout. However, yesterday, a large bearish candlestick dropped directly below $97,000, with the price retreating to a low of $96,100, still operating within the previous fluctuation range. The market is like this, constantly changing, catching you off guard; this is impermanence, and impermanence is the norm. We must view and face the market calmly, objectively, and rationally, whether making money or losing money; we must maintain emotional stability at all times. This is the prerequisite and essential element for trading. Emotions and mindset cannot be influenced by market fluctuations or disturbed by one’s own account profit and loss. It may sound simple, but achieving a calm demeanor in the face of market turbulence is difficult, isn't it? Whether it is easy or difficult, the answer must always be that you have to achieve it. The market will not shift because of your will, nor will it develop based on your emotions. Just like the reservoir thinking in management studies, running a business and living daily life are similar; one cannot only think about how much better things will be in good times, but must learn to be cautious in calm situations and plan ahead for potential downturns. Returning to the chart, look for support levels in a downtrend and see if key support levels can effectively stop the decline and whether reversal signals will appear after the decline ceases.
Three 10x potential coins worth buying the dip in a downtrend! Binance Coin (BNB) has recently shown strong upward momentum, with its price rising 4.32% in the past week, trading above $730. Supported by favorable technical indicators, this steady increase suggests a potential breakout. The short-term price target for BNB is between $757 and $795, with a bullish breakout possibility reaching $840 according to the 1.272 Fibonacci projection. On the downside, the $705 support level, in line with the 100-day EMA, provides a solid safety net for investors. Market sentiment around BNB is very positive, with the Fear and Greed Index scoring 78 (extreme greed). Over the past year, BNB has exhibited extraordinary resilience, increasing in value by 142%, outperforming Bitcoin, Ethereum, and 69% of the top 100 crypto assets. Its trading price is 19.22% above the 200-day simple moving average (SMA) of $607.24, indicating a sustained strength in the market.
Dogecoin (DOGE) is seeing increased market activity, particularly from large investors (often referred to as 'whales'). The surge in trading volume exceeding $100,000 indicates heightened interest among traders. As market dynamics shift, this trend may signal a potential price increase. Historically, January has been a favorable month for Dogecoin, with an average return of 85%. However, the anomalous performances in 2014 and 2021 brought returns of 250% and 700%, respectively. The median performance in January is 5%, second only to October's 8%.
The Internet Computer Protocol (ICP) is a revolutionary blockchain designed to power decentralized applications (dApps) at internet scale. The native cryptocurrency ICP is currently trading at $11.04, maintaining a recent bottom support level of $9.76. Daily chart analysis shows that the ICP price has formed a classic reversal pattern known as the 'cup and handle'. The candlestick chart setup shows a long-term accumulation phase shaped like a cup and a temporary pullback shaped like a handle. If valid, this pattern should lead to an 80% increase in the altcoin before challenging the neckline resistance at $15.65. A rebound after the breakout may push this asset higher.
