Bitcoin Market Analysis $BTC
The large-scale falling structure of Bitcoin is WXY. The drop from 69,000 to 17,600 is the first W-wave decline. The drop from 17,600 is the X-wave rebound. After the X-wave rebound, there is a large-scale Y-wave decline.
There are two trends for the large-scale X wave. One is that the Y wave has already started to fall, and the other is that there is another Z wave rising, and then the Y wave falls. Bitcoin plummeted 10% and broke through the small-level support, but the overall structure is still consolidating, and it has not effectively fallen below the support of 22,000 below. It is still in the consolidation range. There is a high probability that the market will have another wave of fluctuations, and the possibility of Z wave rising is higher.
It is not easy to do long or short now. Although the profit margin is large, the stop loss is too far away, and the stop loss is more than 10 points. It is recommended to wait and see for the next few days, and wait for the second bottom test, and then start to enter the market when the bottom is relatively clear.
Ethereum Market Analysis $ETH
The structure of Ethereum is almost the same as that of Bitcoin. It also experienced daily consolidation and formed a WXY wave structure trend. It also faces the question of whether the Y wave has begun, and it may need another repeated trend.
Order Suggestions
Wait for the second bottoming out. If the bottom is not broken, you can try to make a Z-wave rise. If it breaks directly, wait and see again.
Altcoins: If Bitcoin fails to break the second bottom, you can try to buy altcoins with good shapes. Pay special attention to coins with good shapes such as comp and link.
