Market Review and Analysis
The BTC market experienced a harsh pullback last night, but it quickly returned to its original point and even broke through to a new high, heading straight for the 110,000 level. This has increased market enthusiasm, and everyone is selectively looking at the rebound of ETH and altcoins. The signals of a market surge are definitely strong, and many people are bullish now, just as they were bearish a few days ago when the market was down. Since the major coin has broken through a new high, naturally, some will be bullish. It's like after we cleared our positions on the 14th, a few days later when the market slightly dropped, people were bearish, and upon a slight rebound, they quickly turned bullish. This is the current market sentiment. However, my view remains unchanged; during the bottom phase, I recharged my faith, and after the major and second coins reached their targets, I began to clear my positions. If we exclude the major coin's current price, the rest are basically cleared at their highest positions, and they haven't returned to the prices at which we cleared. If we look solely at the major coin, it has surpassed that range because at that time, the target was around the 106,000-108,000 range, and when clearing, it should have been in the 104,000-105,000 range, with ETH below 2700. As for altcoins, we can just observe them for now. To be cautious, especially with BTC's current high price, many people are bullish, targeting 120,000 or 150,000, and even some are looking directly at 200,000. Of course, I am taking it step by step.
Today's Highlights
As for the BTC market, it has currently broken through the 110,000 level. I mentioned before that there is no selling pressure above the high price. The resistance level was previously observed in the 106,000-108,000 range. The wave of market movements last night pulled back to around 106,000 and then surged up, breaking through to the current 110,000 level. Therefore, for the current major coin's trend, I do not recommend chasing after the rise. Observe what levels can form bearish signals. The support level below to watch is in the 106,000-108,000 range, which was previously the resistance level. On the daily level, it is crucial to pay attention to the support level in the 100,000-103,000 range, as this is a key signal for a potential drop if breached and also the current daily key support position.
Everyone is currently considering whether the market will experience a rebound that could drive altcoins to take off. Earlier, we were waiting to see if it could directly break the 2800-point level and then drive the market's trend. However, the market has basically risen by double from the bottom to the high point, so we chose to clear our positions when we reached our target and wait. The first pullback hit around 2300, and it immediately rebounded. Now it is oscillating in the 2400-2600 range. For the current market, if there is a subsequent rebound, we need to pay attention to the overall amplitude. For example, whether the market will stabilize at 2600 points and then push upwards. Today, on the 22nd, we need to pay attention to whether the daily closing line is above 2600. If it is, it may push up again before making a correction. The key resistance above is in the range of 2760-2800. If the momentum is weak, it will likely pull back to the 2680-2720 range. Currently, the support position for the second coin reached a wave of 2450 early in the morning and immediately rebounded, which serves as the day's defensive line. The effective support position on the four-hour level is in the 2230-2260 range, and the daily support level is in the 2080-2120 range.
The market has been quite volatile recently, but the overall volume is still lacking, especially with the second coin's influence, altcoins have basically not moved much. When the market dropped early in the morning, altcoins also didn't fall much. Currently, the major coin has broken the 110,000 level, and the second coin has returned to around 2600, yet altcoins have not moved much. Therefore, in this situation, those who cleared their positions at the previous high should not be too anxious. Don't think about what to do if the second coin rebounds or if the market takes off directly. This situation has been encountered many times from last year to this year. The operation of clearing positions is the same principle as bottom fishing; when you think about entering at the bottom, the market starts to rise. However, how many people experience the waiting period after clearing their positions? Basically, everyone's time in the crypto space is spent being trapped or on the way to being trapped, because very few people clear their positions at the high and then wait until the absolute bottom to enter again. The torment in between is something that not everyone can bear. For example, many people are bearish at the bottom, while I keep recharging my faith, waiting for the market to take off. Now that the market has risen, even if the major coin is at 110,000, we cleared our positions at the current high, so waiting a bit longer is not a problem.