Around 11pm on Sunday (13th), Bitcoin experienced a significant decline after three consecutive days of rising, with the lowest price falling to $62,050. However, it soon turned back to above $63,000, which can be described as a double kill of longs and shorts. Currently, from the weekly chart, the market is still in a complex correction stage in the upward trend. Last week's cross star showed obvious long-short divergence, and the highs and lows of three consecutive weeks gradually fell, indicating that the bulls lacked momentum when approaching the top of the large range. Small-level trends need to pay attention to possible corrections. The daily chart shows that there is currently a trend towards triangular convergence. If there is a correction, the 57500-58000 range may become a potential buying opportunity.
The market has been fluctuating recently, let me share my views! Overall, I still stick to the views in August and September, and I expect the cryptocurrency market to continue to rise in October, November and December for the following reasons:
Bitcoin performance: From 49,000 in early August to 62,800 now, the price has risen significantly. Although it is still oscillating in a range, from a weekly perspective, this is actually a short-term inducement before rising. After October 15, there may be a turning point in the market, and the goal is still to hit a new historical high.
Altcoins have diverged in performance: Although the overall altcoin market has not risen significantly, some sectors have performed well, such as SUI and APT in the L1 sector, TAO and ARKM in the AI sector, and MEME and Fans Coin, which are newly listed on Binance. Although the general rise has not yet arrived, the performance of local hot spots is a positive signal, indicating that the main force has begun to layout and pull the market.
Bitcoin structure analysis: Since the plunge in August, the bottom of each callback has been raised, showing signs of the main support. After repeated washes, it is accumulating strength for the next sharp rise.
It remains to be seen whether this wealth storm will come as expected.
ABOUT
Since September, SUI has grown by 175%, indicating strong investor interest. Despite the negative news of falling below $2, market sentiment remains optimistic and SUI is expected to rebound. Given the positive market trend, it is recommended to go long, but be wary of short-term fluctuations. If it breaks through $2.35, it may rise further. It is recommended to set a stop loss below $2.1076 to control risks. Users who are suitable for short-term trading can refer to it.
WIF
WIF bullish adjustment structure trend is relatively stable, 2.485 is an important support level, and buying can be considered near 2.53. The structure shows bullish, the K-line pattern is consistent with technical analysis, and the current channel trend is relatively standard.
TREES
The performance has been good in the past few days, and it has experienced an oversold rebound, forming a W-shaped right-side rise. The current price is close to the selling pressure zone of the previous accelerated decline, and is also facing the pressure of the daily EMA moving average. If there is no sustained volume and price support at this position, there may be a pullback to absorb funds. Once it breaks upward again and forms a buying point after the pullback, it is expected to usher in a new round of accelerated rise.
STG
There have been several attempts to break through the upper pressure in the 4-hour cycle, but it has not been stable. It is currently oscillating around the 4-hour EMA moving average to absorb funds. Judging from the trend, once the 0.30 position is broken, it is expected to be accompanied by a wave of large-volume market.
