Yesterday, Bitcoin surged to a high of 102724, but then dropped dramatically at night, currently fluctuating around 97000. It's shocking; the drop was expected, but the speed was faster than anticipated. The expectation was for a fluctuating decline, but it came down so fiercely (following the U.S. stock market).
In the past 24 hours, a total of 176,548 traders have been liquidated across the network, with a total liquidation amount of 562.16 million dollars.
Recently, it was said that the big players first accumulated Bitcoin, which is why Bitcoin kept rising. Recently, they have started accumulating Ethereum. Once they finish accumulating, Ethereum will lead the overall rise of altcoins. It seemed like a consolidation for an upward trend, but it turns out that Ethereum is between 3300-4000, and Bitcoin is oscillating between 100000 and 92000, painting a picture where the big players make retail investors think they should sell when it reaches the high end of this range. Let's see how many more times this 'wolf is coming' game can be played.
The daily chart has once again pulled back to the MA60 moving average, marking the second time. If it cannot hold here, this ascending triangle will break again (last time was MA30). If it breaks, it indicates a halt in this upward trend, turning towards a larger scale (MA120), which means a gradual shift from an upward trend to a consolidation, resulting in longer adjustment times, which is not a good thing.
It is still in the overall adjustment that started from 108353. The rise from 91530 to 102724 is the second part; currently, it is the third part. Due to the strong rise in the second phase, it is believed that the third part will not be too deep. Stopping above the first two red circles in the chart is considered normal; if it breaks down to around 86000, then the time needed for recovery will be longer.
In the chart, this is a subjective opinion. Currently, it has reached a point where the liquidated altcoins have not been bought back. Bitcoin's drop is too severe; I will observe and slowly buy back.
The cryptocurrency market cake is not as delicious as it used to be; in this era of low liquidity, everyone is thinking about filling their stomachs, not about enjoying good food, so the eating behavior is quite unpleasant!
Currently, the on-chain market completely ignores the overall market and rises independently. What I mean by an independent on-chain market is that the leading AI meme tokens on-chain can make you rich if you choose the right 1-2 targets. If you don't know what to choose, refer to my previous articles, where the selected tokens have all risen.
The last drop of altcoins requires patience.
Everyone should not treat the drop in Bitcoin or other altcoins as a waterfall or a directional indicator of the drop. Price fluctuations are normal; our strategy should be to maintain a calm mind and avoid being swayed by short-term market fluctuations.
The key lies in holding quality tokens and those with strong market performance. As long as we hold these two types of tokens, there is no reason to feel panicked or uneasy. This is just a stage in the market cycle, and many similar stages will appear in the future; the more it is like this, the more patience is needed!
Now, everyone is eagerly watching the U.S., hoping for some good news to be released in mid to late October. However, this can be considered a pre-adjustment, which is a good thing. I hope this sharp drop is the last washout before a major bull run.
Finally, let me mention 2 'meme coins'.
WID
Recently, artificial intelligence has been quite volatile. AI is indeed a major trend for the future, and it is also a big trend in the stock market. However, in the cryptocurrency market, it has become a big pit—up and down repeatedly. At this price level, I have experienced nearly four times the rise and fall. Wars require faith, and I am determined to zero out my holdings in this token. A few times the increase is not at all in line with my expectations!
PNUT
The pnut token definitely has opportunities in the future; its price has been on a downward trend without showing stable movement. It is expected that finding an opportunity to enter around 0.26 would be better, as the price may accelerate its decline in the next month or so. Waiting to buy during a rapid drop is a business opportunity!
