Yesterday, Bitcoin hit a high of 102724, and then plunged in the evening. It is currently fluctuating around 97000. It is exciting. The decline was expected, but the efficiency was faster than expected. It was expected to fluctuate and fall, but it was unexpectedly so violent (following the US stock market)
TDTB33
In the past 24 hours, a total of 176,548 traders across the network were liquidated, with a total liquidation amount of US$562.16 million.
As mentioned a while ago, the market maker absorbed funds from Bitcoin first, so Bitcoin has been rising. Recently, it has been absorbing funds from Ethereum. After absorbing funds, Ethereum started to drive the overall take-off of the altcoin. People thought it was an upward oscillating accumulation of funds, but it turned out that Ethereum was at 3300-4000, and Bitcoin was constantly drawing doors between 100,000 and 92,000. The market maker made retail investors feel that they should sell as long as the price rises to the high point of this range. Let's see how many times this game of "the wolf is coming" can be played.
The daily level has once again touched the MA60 moving average, this is the second time; if it can't hold here, this ascending triangle will break again (last time it was MA30). If it breaks, it indicates that this upward trend is stagnating and reversing to a larger level (MA120), meaning a gradual shift from trend to consolidation, with longer adjustment times, which is not a good thing.
We are still in the overall adjustment that started from 108353; from 91530 to 102724 is the second part, and we are currently in the third part. Due to the strong rise in the second phase, it's believed that the third part won't be too deep. It is normal for it to stop above the first two red circles in the chart; if it breaks to around 86000, the recovery time will be longer.
The cake in the crypto world is not as delicious as before; in this era of low liquidity, everyone is thinking about filling their stomachs rather than enjoying good food, so the eating habits are quite ugly!
Currently, the on-chain market completely ignores the overall market and is rising independently. When I say independent on-chain market, I mean the leading AI meme coins; if you choose the right 1-2 targets, you will become rich. If you don't know what to choose, look at my previous articles; the coins I selected have all risen.
The last drop of altcoins, stay calm.
Everyone shouldn't take the drop of Bitcoin or other altcoins as a waterfall or a directional indicator of decline. Price fluctuations are normal; our response strategy should be to maintain a calm mind and avoid being swayed by the market's short-term fluctuations.
The key lies in holding high-quality coins and those that perform strongly in the market. As long as we hold these two types of coins, there is no reason to feel panic or unease. This is just a stage in the market cycle, and many similar stages will occur in the future, so we must remain calm!
Now, everyone is eagerly looking at the US, hoping for some good news to be released in mid to late October. However, this is also considered an early adjustment, which is a good thing. I hope this sharp decline is the last wash before a significant bull run.
Finally, I want to mention 2 'meme coins'.
WID
Recently, artificial intelligence has been making waves; AI is indeed a major trend for the future, a big trend in the stock market, and currently a big pit in the crypto world, rising and falling repeatedly. At this price level, I have nearly quadrupled in ups and downs; war requires faith; I have the determination to zero my holdings in this coin. A rise of a few times does not meet my expectations at all!
PNUT
PNUT definitely has opportunities ahead; the price has been in a downward trend without showing stable movement. The expectation is to find an opportunity to enter around 0.26, as the price might accelerate downward in the next month or so. When it drops sharply, it's a business opportunity!
Playing around in the crypto world is essentially a contest between retail investors and big players. If you don't have cutting-edge news or first-hand information, you can only be cut! If you want to layout together, comment 333! Those who want to harvest from the big players are welcome to discuss with like-minded crypto enthusiasts.
#币安MegadropSOLV #比特币走势观察 #加密市场回调
