24/12/06BTC broke 100,000 and plunged late at night. Will there be a sharp correction? How to grasp the Spring Festival market?
Yesterday, Bitcoin broke through 100,000 and witnessed history again. It plunged rapidly in the middle of the night and hit 14,000 points. Other exchanges had more than 6 billion. It is normal for bull markets to plunge and hit the target. If you don’t want to fall in the early stage or middle of the bull market, you should add less leverage. Our idea has always been that we should not talk about the top in a bull market and not short in a bull market. We should grasp the trend of the callback and layout the medium and long term.
Previously, we reminded that if it pulls back to 90,800, you can add positions in batches. Many people did not believe that it would fall so much. Last night, this line directly penetrated near 90,000. Some friends received orders near 90,000. Let’s talk about the next trend. It will fluctuate at a high level and then fall. Even if it can continue to fluctuate at a high point, it is still one step away from a pullback. This point of view has been reminded for quite some time.
How long can the altcoin season last? My personal view is short, about 2-3 weeks, but I don't rule out 2-3 months. Reason one: If we refer to the bull market in 2020, Ethereum had a similar two-month rally. Reason two: If we refer to the price range of 45,000—49,000 for Bitcoin in 2023, Ethereum only has 2-3 weeks left.
Bitcoin
The spike of ten thousand points in Bitcoin last night was just a brake for this market segment, but it won't stop immediately; it will continue to oscillate at a high level. We compare the market since breaking 74,000 with the segment in 2023 after breaking 32,000. Starting today, we are in the range of 45,000—49,000 (this will be mentioned less in the future).
Yesterday in Chongqing, I talked with some friends and mentioned that when the 4-hour breakthrough reaches 100,000, we need to pay attention to a large volume. I also briefly mentioned this in the market analysis. After the drop, there will be a rebound and correction pressure at 99,588—101,500. Currently, we are in the range of 90,800—101,500 oscillation.
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Ethereum
Ethereum is still in a trend of catching up. Yesterday I mentioned the downward trend line breaking from 4,093 to 3,977. The spike from last night had a small drop for Ethereum, which led the altcoins. The spike at 3,677 rebounded and is currently still around 3,956. The ETH/BTC exchange rate is still above the platform and will soon close the weekly line, so we need to pay attention.
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