On Thursday, boosted by the Fed's FOMC meeting, Bitcoin pulled back to the 30-day line at 98700, and has naturally rebounded to around 102000 in the evening. The crypto market is experiencing a general pullback, most have pierced the 30-day line. US stocks MSTR, SMLR, and MARA also maintained their rise before the market opened, as shown in the figure below:
Because the Fed and Japan's monetary policy meetings have ended. Although Powell's speech this morning was bearish, Japan paused interest rate hikes during the day. Thus, Bitcoin has rebounded, and Japan's MicroStrategy 3350 has also closed up. As mentioned in the internal group last night, the current market belongs to the high-level consolidation phase after experiencing extreme FOMO. If Q1 next year still sees an upward trend for BTC, then now is a good time to buy stocks like MSTR.
Bitcoin: In the past two days, I alerted the potential downside risk at the price points of 107000 and 103300 in the internal group. I suggest everyone to hedge in advance. The market after the drop is actually much easier to trade; the price is likely to convert from previous upward oscillation to wide-range oscillation. The overall direction still doesn’t look bad, so don’t panic too much about the drop.
From the daily chart perspective, the price is still on the bullish side of the medium line. The intraday pullback low coincides with the MA30 position (Lifeline strategy). The internal structure has multiple medium to long-term supports that have not been affected by the pullback. The main operation mode remains low buying after a secondary pullback and buying after sideways movement.
Short-term support is 99940~98858 (monitor trading), second support is 96547~95568, short-term resistance is 103465~104296 (wait for a volume breakout and retest before entering). Note: The short-term support mentioned earlier has received orders, currently at a slight profit near cost, suggested to exit first, and wait for the structure to clarify further before re-entering.
Everyone pay close attention to altcoins: If they don’t drop, the third wave of the rising market will quietly start.
The bull market is still ongoing, don't cut losses if you're stuck. Once the market rises, you'll quickly break even. For now, try to buy in batches, prioritizing strong coins. Trust the power of the trend.
SOL: There is a chance to buy low at 200 today for SOL. Keep some positions to see if there’s a chance to buy below 200. As long as SOL dares to drop, just buy boldly, no need to hesitate!
ETH: The long position for Ethereum has hit the stop loss. I haven’t experienced a stop loss for a long time. Thank you, Powell!!! Currently, there are very large buy orders around ETH 3420 to 3520, with strong support. So I will buy some ETH on dips, of course, I can’t use high leverage for left-side buying. Using a safe 2x leverage is fine; with 2x, a 50% drop won’t lead to liquidation. ETH is unlikely to drop to 1800, so it's risk-free, but the return is X2.
DOGE: The biggest opportunity in this wave of crash should be Dogecoin. Doge has pulled back from 0.48 to 0.34, a 30% pullback, and the coin price has already undergone sufficient consolidation. The range of 0.33-0.35 is also the 0.618 golden ratio support for Doge's pullback. I think this is an opportunity because in a month, Musk will take over the White House, and there’s an 80% chance Doge will soar.
What big winds and waves have we not seen in the crypto world?!! To newcomers, I still say: earn as much as your capital allows, don’t be greedy for multiples just because your capital is small, as it’s easier to lose everything.
