In recent days, I have been reminding everyone that Bitcoin will continue to fall. We must wait for Bitcoin to reach the right level before altcoins can rebound. Yesterday afternoon, I shared many altcoin bottom-fishing points in our TG group. After last night's drop, many altcoins reached the points we mentioned, and group members who bought the dip are currently in profit.
The daily line for Bitcoin shows a small bullish candle with a long lower shadow. The trading volume has shown a moderate increase over the last three days while declining. A long lower shadow indicates strong selling pressure, but the final bullish close shows that buyers still hold the advantage and achieved a final victory.
The daily line has pierced down to the support level of the daily EMA52 line, forming a relatively strong hourly rebound. We provided a bottom-fishing price of 91500-91600, and the lowest it went was 92232, which is less than 1% off.
The daily level will not directly reverse sharply; it will oscillate back and forth repeatedly. Therefore, the focus is not on Bitcoin, but rather on altcoins.
Next week, altcoins will have a nice rebound trend. Strong altcoins have already recovered from last night's drop, and as long as the other altcoins are not too poor, they will gradually rebound. Seize this rebound.
Daily level resistance at 101220-112000-126000-134000, support at 94300-91600-87300.
At the hourly level, the current trend is a failed pullback within the daily EMA52 line rebound. In the short term, short positions can be taken at 98480, and long positions at 94800 and 91600.
From the liquidation heat map data of Bitcoin,
Price is rising, with a large number of significant short positions waiting for liquidation in the 97950-102050 and 102800-108050 ranges.
Price is falling, with some large long positions waiting for liquidation in the 95200/93650-93100/92200-91500 ranges.
