BTC continues to drag the 5-day line down. It has continued a downward trend for 5 days, dropping from a high of 99.6k on November 23 to around 92k. This is seeking support from the weekly line. It's alright, the enthusiasm for hitting 100k is somewhat overflowing, a little cold water isn't bad.
After confirming the first fluctuation peak, Bitcoin is currently testing the bottom of the fluctuation range for the first time, analyzing a wave using related fluctuation data:
One: Position Data
Positions have begun to decrease, high-level chasing bulls have started to stop loss and exit, while late-entry bears have begun to take profits and exit;
Two: Long/Short Ratio:
It has recovered from a level of 0.7 to 1.4, indicating that the main force of fluctuation has entered the profit-taking phase of short positions and is gradually buying long positions;
Three: Liquidation Data:
Bitcoin is in a pullback of around 10 points. In the last 24 hours, a total of 172,209 people were liquidated, with a total liquidation amount of $482 million, and the total liquidation of long positions across the network in 24 hours is $361 million;
Four: Order Book:
According to the data tested at 90,000 last night, a wave of large buying will be triggered near 90,000;
The price of Bitcoin has dropped from 99660 to today's 90860, a decline of nearly 10%. The mid-bull market drop adjustment has basically been achieved.
The current top of Bitcoin's fluctuation is 99, and the bottom is still being tested. According to the data during this pullback process, the emotional bulls' first opening position will be above 98, and the second entry position is at 95. Based on the holding data and the decline, the first wave of long positions has already stopped loss or been liquidated. Judging from the past fluctuation range, 85-88 will be a relatively safe fluctuation bottom range. After the adjustment, it will soar and break through 100, rising to the 1.618 position, which is around 129,000.
We should take advantage of this wave of downward adjustment to layout these potential coins:
(1) AAVE
At the weekly level, a consolidation of 952 days has been completed, and a typical 'time for space' pattern has formed. The current price pattern is in place, and next, we just need to guide the capital inflow or a piece of good news as a trigger point for a breakthrough. It is worth emphasizing that for this type of asset, I only operate spot, choosing to buy in batches near the key EMA moving averages on the 1-hour or 4-hour chart, never chasing the rise.
(2) INJ\FTM
It is worth noting that INJ and FTM have ignored the pullback pressure of Bitcoin and have exhibited a completely independent upward trend, with a smooth rise and no abnormal wicks, fully demonstrating a high concentration of funds and bullish confidence. Especially FTM, its strength is by no means accidental. In the first half of 2024, it surged by 619.92%, and in the 2021 bull market, it skyrocketed by 2177.25%, far exceeding mainstream cryptocurrencies, showing excellent cycle-crossing ability.
