Bitcoin Market Analysis $BTC
Bitcoin experienced a significant decline on the 18th, the largest decline in the past year. Although many people are pessimistic about the future market and believe that it will continue to fall sharply, our analysis shows that the current X-wave rebound has not ended.
According to our observation, this wave of market is a large WXY structure. The W wave fell from 69,000 to 17,000, and the X wave rose from 17,000 to the present, and finally pointed to the downward direction of the Y wave.
The current X wave rebound has not ended, and there are two possibilities. The first is to enter the large-scale Y wave after completing the X wave through the flag structure; the second is to start a new structure and form a new wxy wave pattern. Therefore, we recommend that you lay out the X wave rebound and do not recommend chasing shorts. Although the general direction has been clear, the current long position of 26,000 is not ideal.
Currently waiting for the second retracement, it is recommended to wait for 25000 to buy more, and if it breaks the low point to 22000-23000, buy more. If the second retracement does not break the low point, and breaks through the downward trend line, it is a very good position to intervene in long orders.
Ethereum Market Analysis $ETH
Ethereum and Bitcoin have similar trends. At the 12-hour and 2-hour levels, Ethereum's right energy system has not yet issued a signal, and continues to wait for a signal.
Order Suggestions
For Bitcoin, wait for the second retracement to 25,000 to buy some more. If it falls below the low point, wait for around 23,000 to buy more. At the same time, arrange some altcoins with good patterns.
