As the price and market value of the currency continue to rise, every time Bitcoin rebounds, it will fluctuate by thousands of dollars. It is necessary to adapt to this rhythm and amplitude. Compared with the bear market, which does not fluctuate for several months, it can last for ten days and a half in the bull market. There may be significant changes in the account. In a bull market, there is only one operation: buy.
Keep up with the market and be actively bullish until the top characteristics finally appear. It is obvious that there is no signal of peaking at present, which means that the market is not over. Even if there is a short-term or medium-term correction, it is just a correction in the upward trend, not the end of the trend. To make a trend, you have to accept shocks; to make big money, you have to accept retracements. If you can't solve it, you can only choose to accept it!
In this round of bull market, Bitcoin is like a local dog pulling the market, without respecting martial ethics, resulting in many shortfalls. Many people are waiting for a correction, but in fact every time the pin is inserted, it will be a correction. When the price goes higher and higher, the callback position will gradually increase. If you want to get on the bus again, you can't find a suitable position, and the main force doesn't give you too many opportunities. As the market develops, the access and time to get on the bus are gradually shortened. In the market that reaches new highs every day, a pullback is indeed rare. Perhaps what can be done is to control the overall position and enter the market in batches.
If there is a correction at this stage, for example, when the big market pulls back by 10% or the copycat pulls back by 20% to 30%, we will cover the position in batches and use the method of buying big when falling big and buying small when falling to bring down the average price. This will also be a safer and more profitable time to get on the bus. Don’t be afraid if you encounter one, but dare to enter the market. Before Bitcoin’s weekly rise is over, all that needs to be done is to control the position and buy. The direction and timing of the ambush are very important. Follow me and I will guide you in planning and selling. Let us turn around in the bull market together.
During the ongoing price adjustment in the cryptocurrency market, Tron (TRX) has formed a bullish price trend pattern on its daily chart. On October 22, 2024, while major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are struggling to gain momentum and are forming bearish patterns on their daily charts, TRX is poised to reach an all-time high.
Technical Analysis and Upcoming Levels for Tron (TRX)
TRX has formed a bullish morning star candlestick pattern at the key support level of $0.156. The formation of this candlestick pattern has shifted the asset's sentiment from a downtrend to an uptrend.
Based on recent price movements and historical momentum, TRX is likely to surge 7% in the coming days, reaching the level of $0.17. However, TRX's Relative Strength Index (RSI) and 200-day Exponential Moving Average (EMA) indicate that the asset may experience an upward rebound and bullish trend.
Bullish On-Chain Indicators
TRX's positive outlook is further supported by on-chain indicators. According to data from on-chain analytics company Coinglass, TRX's long/short ratio currently stands at 1.02, indicating bullish sentiment among traders. Additionally, its open interest has increased by 4.2% in the past 24 hours, suggesting growing interest from traders, likely due to the bullish price action pattern.
According to Coinglass data, the major liquidation levels as of now are a lower bound of $0.154 and an upper bound of $0.159, where traders are over-leveraged.
If sentiment remains unchanged and the price rises to $0.159, short positions worth nearly $319,510 will be liquidated. Conversely, if sentiment changes and the price drops to $0.154, long positions worth about $500,000 will be liquidated.
Current Price Momentum
At the time of writing, TRX is trading near $0.158, with a slight increase of over 1.25% in the past 24 hours. During the same period, its trading volume surged by 70%, indicating increased participation from traders and investors in TRX's bullish price trend.
The intraday increase in the price of $FIL may be affected by many factors. Here are some of my analyses:
1. Overall market trend:
- Cryptocurrency market is positive: If the entire cryptocurrency market is on an upward trend, then FIL, as one of the tokens, may also rise with the market trend. For example, when the price of mainstream cryptocurrencies such as Bitcoin rises, it attracts more funds into the cryptocurrency field, and the inflow of funds may drive up the price of FIL.
- Optimistic market sentiment: Investors' confidence in the cryptocurrency market has increased, and market sentiment has become optimistic, which will prompt more people to buy FIL and push up its price. This optimism may come from positive expectations for industry development, technological progress, or good news in policy.
2. Project progress:
- Technology upgrades and improvements: If the Filecoin project has made important breakthroughs or progress in technology, such as improved network performance, improved storage efficiency, and enhanced security, it will increase investors' confidence in FIL, thereby driving up prices.
- Ecosystem development: The continuous growth of the Filecoin ecosystem, including more developer participation, increased application scenarios, and cooperation with other projects, will help enhance the value of FIL. For example, cooperation with well-known companies or projects may attract more attention and funds, driving up the price of FIL. - Network upgrade: Events such as the upcoming network upgrade may attract investors' attention to FIL. If the market expects that the network upgrade will have a positive impact, investors may buy FIL in advance, leading to price increases. 3. Funding factors: - Participation of large institutions or investors: If large investment institutions or well-known investors buy FIL, it may attract market attention and follow suit, driving up prices. The investment decisions of large institutions often have a greater impact on the market, and their buying behavior may be seen as optimistic about the future development of FIL. - Increased capital inflows: If more funds flow into the FIL market during the day and there are relatively few sell orders, it will drive prices up. The reason for the inflow of funds may be an increase in investors' short-term speculative demand for FIL, or recognition of its long-term value.
In the future, Fil Coin is expected to welcome new development opportunities. With the explosive growth of global data volume, the demand for decentralized storage will continue to rise, and Fil Coin, as the native token of the Filecoin network, will play an important role in this field. Its unique distributed storage model can provide users with safer and more reliable data storage services, which will attract more and more individuals, enterprises, and institutions to use the Filecoin network, thereby driving up the demand for Fil Coin. On the technology front, the Filecoin team is continuously upgrading and optimizing to improve network performance and storage efficiency, which will provide strong support for the appreciation of Fil Coin's value. At the same time, as blockchain technology continues to become more widespread and application scenarios expand, the application of Fil Coin in decentralized application development, data asset verification, and other fields will also continue to grow. Of course, the virtual currency market has uncertainties, and Fil Coin will also face challenges such as competition and regulation, but overall, its future development prospects are worth looking forward to.
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