Waking up in the early morning, I found my face drenched in tears, and my pillow was wet. At first, I was bewildered about why these tears were flowing, until I opened the exchange interface. At that moment, my heart sank sharply—BTC's price had plummeted to around 90,000. In the ebb and flow of the cryptocurrency world, every movement of the candlestick seems closely linked to my heartache.
I searched for the root cause of this plummet and found that last night the US stock market experienced a significant downturn, and the culprit was a 7.0 magnitude earthquake that occurred in California. However, surprisingly, despite the earthquake's great power, it did not cause any casualties. I couldn't help but wonder, why did an earthquake cause such heavy losses for retail investors in the cryptocurrency market? Is it true that the reconstruction after the disaster in the US now relies on the 'retail investors' of the cryptocurrency world to pick up the tab? This sounds quite absurd.
In the face of this downturn, I understand that this is actually a profound lesson. In the frenzy of the cryptocurrency market, many people lost their rationality, blindly followed trends, and had no awareness of risks. This downturn undoubtedly sounded the alarm for retail investors once again. Money in the cryptocurrency world is never-ending, but it can also lead to total losses. Therefore, we must always maintain a sense of reverence for the market.
Looking back at yesterday, I mentioned that the world of cryptocurrency is filled with unknowns and possibilities. This time, BTC's leap from breaking above 100,000 to plummeting to 90,000 vividly illustrates this point. The fate of retail investors seems to always be in the hands of the big players, with decisions on when to cut losses and when to take profits not left to us. The market's surges and plummets seem merely a game in the hands of the big players, while retail investors can only passively accept.
From the current shape, yesterday's sharp rise and fall has already formed a doji pattern, and the market has once again entered a triangular consolidation zone. We must closely monitor the downward trend support level at 93,400; once it breaks, we should stop losses in a timely manner. Although we are still in a bullish trend, risks also exist. Therefore, I suggest that in the recent market pull-up process, selling more as the price rises might be a wise choice. For spot traders, patiently waiting may be the best strategy; do not blindly try to bottom out at this time.
Although this rapid spike in price is alarming, it is not uncommon in a bull market to quickly recover key support levels. What we really need to be wary of is a slow and continuous decline, which can often inadvertently eat away at our profits.
From a four-hour perspective, the market may recently enter a consolidation period, with support at around 94,000 and resistance at about 98,000. From the long-short ratio, it appears that bulls are gathering in large numbers. However, I must remind everyone not to blindly follow the trend and to understand the importance of taking profits in a timely manner. After all, only the profits that are truly realized are the most authentic.
Recently, I plan to ambush a potential coin that is about to surge, doubling my investment should be quite simple, and I also intend to find some potential coins to hold until the end of the year, expecting a growth space of over 10 times is not a problem. Join in to profit below 999.
