BTC
Bitcoin rose on Saturday and fell on Sunday. Relatively speaking, this weekend exhibited a wide range of fluctuations. This kind of movement has actually occurred quite a bit before. Here, I believe it may be due to some short-term funds from traditional markets entering the crypto space, leading to speculation. They entered the market on Friday night, pushed prices up on Saturday, and sold off on Sunday, resulting in this market behavior.
Similarly, this movement has successfully boosted market sentiment. We see that the price, which might have continued to fall along the lower BOLL band, rebounded to the middle band today, and the BOLL line is beginning to narrow, indicating a consolidation pattern. This means that there may be a few days of fluctuation below 100,000 to digest the selling pressure brought by the rapid rise in the previous days. Here, we can choose to continue to increase our spot positions. For long contracts, we previously removed sell orders (mainly because we believe it cannot break 100,000 in the short term). Currently, we can choose to continue increasing our positions, but the focus needs to shift from BTC to ETH and altcoin projects.
ETH
Since ETH rose last week, it has also driven a significant rebound in altcoins. This wave successfully boosted market sentiment. From the K-line, we can see that ETH's price rebounded well, and the BOLL line indicates it continues to rise, with the opening expanding. The price has a tendency to push towards the upper band, which means ETH may continue to rise. However, the increase may not be very large, so we choose to increase our positions in low leverage ETH contracts or spot. This week, it is highly likely that the upward trend will continue, allowing altcoins to have opportunities for further speculation.
If ETH's price breaks 3600 tonight, you can sell part of your position in the market; otherwise, just continue to hold.
Last week's market review
Last week, the overall market was in an upward trend. Besides BTC and ETH, altcoins also began to show improvement. After ETH rose again to 3300, altcoins started to experience a surge. Our previous view of ETH as the king of altcoins has been validated. During the rise of altcoins, we can also see that L1 public chains are the first to gain momentum, while sectors like DeFi and GameFi also show upward trends. Market enthusiasm is beginning to rise, and various communities are becoming active. I believe the market has now entered the early to mid-stage. Next, the market needs an opportunity to attract more new retail investors. New retail investors act as a catalyst for market enthusiasm. Only in this way will altcoin projects, institutions, and market makers be willing to invest more funds together to inflate the bubble. Therefore, overall, I believe the general direction this week is to pay more attention to the projects that have been stagnant previously, as they will have a demand for a collective rise. At the same time, BTC is facing resistance at the 100,000 mark and may not break through in the short term. However, due to the favorable market sentiment, BTC's main players are more inclined to consolidate, and we will also focus on altcoin hotspots.
