Overnight, BTC continued to rise, challenging $94k again. Tomorrow is the last trading day of this week, and next week will be the time for GDP speculation. In the latest data, GDPNow has again lowered the GDP forecast for the first quarter of the U.S.; this data will be an important basis for determining the trading difficulty in May.
The recent market for BTC shows a decline in turnover rate, and short-term bottom-fishing funds have begun to exit, while early investors and those holding losses are choosing to wait and see. On-chain data clearly shows that the accumulation of chips in the $83K-$85K range has decreased, while the accumulation around $92K-$93.1K has increased.
It is said that there are many trapped positions at $95-$100k (or $93-$98k). Most of these investors should not be short-term investors, resulting in higher stability. Therefore, breaking through this resistance range will require some effort. In the short term, Bitcoin may slightly rebound in the $92-$94K range before falling again; it is recommended to focus on bearish positions.
In the long run, there has been a five-day increase, and the trend has not yet deteriorated. From May to June, a major bull market is still expected.
Current strategy for buying on pullbacks:
1. Bitcoin is experiencing a pullback, with $91,600 being a key buying range. This price level has been validated and is suitable for spot entry.
2. A deep pullback to $87,000-$89,000 would be an excellent opportunity for both spot and contract entry.
Spot positions have been established at $91,600, but due to poor timing, short positions were not opened in time. It is currently recommended to avoid chasing long positions in contracts and to wait for a better pullback point.
To be honest, the only criterion for the madness of each round of altcoin season is the amount of Bitcoin and Ethereum that has been deceived from everyone’s hands. The more that is taken away, the crazier the altcoin season becomes. Currently, it appears that most people in the market no longer hold Bitcoin and Ethereum.
So next, we can only trade altcoins. Has it really taken so long for Chuan Huang to bring in the altcoin season?!
ETH
Resistance for Ethereum is at $1,830, which has not been broken multiple times, and its trend follows Bitcoin. If there is a deep pullback to $1,650-$1,700, it would be a good opportunity to buy spot. Currently, it is not recommended to focus on Ethereum, as most altcoins have broken the bottom structure, and potential gains are more considerable.
AXS
The downward trend line has been broken, forming a double bottom structure, and the neck line pullback point is an ideal buying position with significant upward potential.
EDU
Similarly, it has broken the downward trend line, showing a similar structure. If Bitcoin stabilizes at the neck line, EDU is likely to break upward, and investors can wait for a pullback to buy.
TAO
As a strong currency, it is currently in a descending rectangular pattern. If it breaks the upper edge (around $484), the target price could reach $587, with considerable gains.
YFI
Its trend is similar to AXS and EDU, and it has even broken through ahead of time. The pullback to the $4,800-$5,000 range is a better buying point.
Today's rotation also includes observational sectors in the first and second layers.
AI:
wld, ol, aixbt, virtual
Chain Games:
magic, enj, hmstr
(Reminder: If playing memes is essentially a highly controlled conspiracy, then basically no one will have faith. Playing AI on-chain is essentially about finding the market maker, not finding memes; these are two different approaches.)
Because currently there are very few coins that have completed the first wave of pullbacks, it is highly likely that a second wave is brewing. Moreover, the market maker pulling the market up isn't bringing in much capital; there is no FOMO, and without a few large bullish lines, it is very difficult for the market maker to unload. In addition to leading sectors, there are also some hot projects worth noting, such as BOME and PNUT, which are very popular and worth laying in wait for. The start of the market is often bumpy; set a stop-loss price you can tolerate, add alerts, and it may fall before rising again, leading to further chasing.
