Hello everyone, I am A Gan, here to talk about the current situation of the market.
#BTC Last night, Bitcoin rebounded to a high of 100390, starting a downward trend. The lowest point dipped to around 94150 around 5 AM, followed by a rebound. It rebounded to around 97000 before it dropped again, hitting around 94800 when it started to rebound. The highest point again rebounded to around 98100 before it began to retrace. As of now, the price is around 96000.
From Bitcoin's current trend, the 94000-95000 range still has strong support, meaning many people are looking to buy at this level. Just keep an eye on this position for the next few days. If it continues to decline, it could reach around 91000.
#ETH Last night, Ethereum also dropped alongside Bitcoin, with a high of 3950. It dropped to around 3500 twice last night before starting to rebound, declining by 450 points, with a drop of about 10%. The 3500 level for Ethereum is also a strong support. If it retraces and doesn't break this level, it can still be a good opportunity to build positions. For spot trading, I continue to hold a positive view long-term. Build positions at 3550-3600, supplement at 3250, and continue to supplement at 3000. Spot trading is quite easy; just buy and hold.
Now let's talk about the altcoin situation. The recent drop in altcoins is mainly due to Ethereum's failure to break above 4100. Ethereum began to adjust, and today most altcoins accelerated their decline. This wave is still from the bottom and hasn't undergone adjustments. Many people say that it hasn't risen much, but looking at the short term, it has actually risen quite a bit, with many increasing by 2-3 times, and some nearly doubling. Only a few underperformers have seen minimal increases, but overall, it's still good.
In this wave of rise, the relatively popular coins that haven't broken through their historical highs are #ETH and #DOGE these two. The others have basically broken through or are close.
Actually, as everyone should know, I have always believed that this month the market will adjust. The monthly adjustment hasn't arrived yet. Binance Square's live broadcasts have been saying this, so those who have been following me or listening to the live broadcasts should be clear.
I personally feel that the adjustment in altcoins is quite normal. If it keeps rising without adjustments, it will be harder to sustain the trend in the future, and a breakout will be difficult. After a prolonged rise, a correction is inevitable. If this drop is a monthly level adjustment, then altcoins will likely see another wave of decline, but it shouldn't be too far off from the bottom.
So what should we do next? When can we build positions? If there are no positions in altcoins, now is a good time to start. Enter in several batches: take 30% now, supplement 30% on a 20-point retracement, and take the remaining 40% on another 20-point retracement. Just buy and hold for spot trading.
In the short term, the news to watch is whether Microsoft will vote on purchasing BTC. If the vote passes, it would be a positive signal in the short term, and Bitcoin should rally. If the vote doesn't pass, it won't have a significant impact; a failure to pass doesn't mean a negative outcome, just that the market won't see large fluctuations due to this news.
Focus on the interest rate decision at 3 AM on the 19th. If there is a 25 basis point rate cut, it will meet expectations, and the market will continue as it has been. If they announce no rate cut, it will definitely be negative news, and a market drop is unavoidable. Unless there are any surprises, a rate cut is highly likely.
If my sharing is helpful to everyone, please like and share. Thank you all for your support 🙏