April 18, 2024 Grandpa checks in
The market is still hovering at a low level after the decline. Last night, Bitcoin also briefly fell below 60,000. From the daily line structure, it fits the second bottoming out that I mentioned. In fact, the altcoins and mainstream coins have stopped falling. This situation often indicates the emergence of bottom-fishing power. Therefore, the support at this position deserves attention.
The 60,000 mark of Bitcoin is still worth a try. The decline from the high has exceeded 20%, which has never happened in this round of market, and can be regarded as a retracement for the time being. In this case, when the opportunity arises, you should be more greedy, at least the risk of entering now is much smaller than before.
However, it is worth noting that the downward pressure in recent days has been at night, which is the opening time of the West, and the bottom-fishing power of the daytime rise comes from the East. Considering that the driving force of this round of market rise is ETFs dominated by Western funds, if the downward pressure continues and eventually falls sharply below 60,000, it means that the market will reverse.
The current price has reached a position worthy of entry. Although the safety exposure is not high enough, considering the wide range of volatile markets, it is highly likely that the market will not go one-way, and the long-term supply and demand will slowly change after the halving. The most important thing is that this wave has not yet seen a real bull market, so there is no need to worry even if you are trapped.
Thank you for your attention and likes.
