The Bitcoin bull market is not over yet, but a pullback may be just around the corner
Friends in the cryptocurrency circle, listen to me! Now the market has reached a high of nearly 90,000, but according to my observations and various data analysis, the bull market is not over yet, but a short-term pullback may be coming.
Don't panic when you hear about a pullback. Pullbacks are normal in a bull market. There is no sign that the bull market has peaked yet. We have to keep our minds steady and wait patiently. Just like the cup-handle candlestick chart I showed you before, there are new highs after new highs. We are only in the first wave now. There will be adjustments and new highs later. The bull market has to come step by step.
When it comes to the pullback point, I have to judge it based on several factors. First of all, the on-chain data shows that the supply of Bitcoin is close to the extreme of short-term risks, and the market may pull back anywhere between 90,000 and 110,000. From the perspective of chip dispersion, the two intervals of 77,000-79,000 and 82,000-86,000 are relatively empty and difficult to support, so the pullback may find support below 81,000 or 77,000.
CME futures gap data also supports this point. Bitcoin futures gapped upwards over the weekend to form a gap of 77,000-80,000. According to historical data, this gap will most likely be filled within the month, that is, a callback to around 77,000.
Looking at the long-short ratio of the contract, if it falls to 72,000, more than 5 billion will be liquidated, and if it falls to 77,000, more than 3 billion will be liquidated. Therefore, I judge that the callback position is about 70,000-77,000, which is a reasonable range. The callback in the bull market is often fierce, but don't be afraid, it's a good opportunity to pick up chips.
The market sentiment is too hot now, the greed index is 87, and the MEME coin sector has also seen panic buying. This shows that the short-term callback is not far away, so don't blindly increase your position to gamble.
The overall altcoin market is fine, and Bitcoin's dominance is still close to 60%, and it is even rising. This shows that we are still in the bull market and chips have not been distributed in large quantities.
Recently I plan to ambush a potential coin that is ready to explode. It is very easy to double it. At the same time, I am also preparing to find some potential coins to hold by the end of the year. It is expected that there will be no problem with more than 10 times the space. The number of places is limited! If you want to follow, like + leave a message.
