On the 26th, BTC dipped to $15,000, with a drop of up to 13%, while altcoins only fluctuated by a few percentage points, suffering almost no impact.
However, last night Bitcoin dipped to $6,000, with a decline of only 6%, while the altcoin market was a disaster, dropping at least 20%, with some down 30% to 50%. Especially for altcoin investors who entered at a high price in the past two days, it’s another round of lamentation.
I have repeatedly reminded everyone not to chase high prices and to patiently wait for a pullback before entering the market. Follow the principle of buying small on small dips, buying large on large dips, and buying aggressively on crashes. Congratulations to those who successfully entered last night and during the early morning dip; your average price is currently in a profitable state.
Let's talk about the current trend of BTC; its 4-hour chart has shown a three-pin bottoming pattern, and the bottom is gradually rising. Although the high hasn’t broken through yet, there is quite strong protective capital at the 96,000 range on the 4-hour level.
This round of the altcoin market has harvested a large amount of profit-taking chips, and the funds will flow back into Bitcoin.
Tonight, the news from Microsoft's shareholder meeting will likely become a strong driving force for Bitcoin to rise back above 98,500, and it may even rebound directly and return to the 100,300 range, rising back as it fell.
It's just a pity that many people have no positions left at this point and are holding too many altcoins, and even if there is a rebound, they haven't broken even.
As for Ethereum, it has not truly started a rebound yet.
From a technical perspective, its rebound strength is expected to be stronger than that of Bitcoin.
Ethereum dipped to a low of $3,476, and I still see $3,850 as its primary rebound target. This goal is definitely achievable, as it is only $100 away from the target, which is relatively easy to realize.
Therefore, friends who have not received the goods can still consider entering the market. If you have already positioned yourself in the $3,550 to $3,650 range, you might as well continue to hold.
SOL dipped to a low of $200 last night, which is actually not bad, as it only dropped $15 from the previous low of $215, and it even had a smaller dip than Bitcoin and Ethereum. It has now stabilized above $210.
Friends who have not received the goods can consider entering the market at $210.
For those who successfully followed me and bought in the $206 to $216 range last night, when the price rebounds to $223, you can sell your position acquired at $216.
For SOL, if this round of washout ends and the bottom stabilizes successfully, whether it can challenge the previous high again remains to be seen.
First, it needs to stabilize above $230, and then break through above $240 to have the momentum to challenge the previous high again.
So friends who have not received the goods yet need not worry, there will be opportunities to enter from the right side later.
