The big pie indeed took a hit yesterday, dropping to around 105300 at its lowest. The key point now is that it has really broken through the 20-day moving average (around 106300), and this break looks a bit ugly.
The next two days are crucial - if it can quickly bounce back and stabilize, then the dog fund will likely play one last wave of inducing people to buy, pushing it to around 110000 to create an illusion of prosperity. Remember, don't stubbornly chase the highs at this position; this is a golden window for you to reduce your holdings and not to enter!
On the other hand, if it can't get back above 106300 in the next two days, then there's no need to hesitate; a downward push is highly probable, and the key level of 100000 definitely won't hold, heading towards 95000.
To be honest, whether the dog fund chooses to make one last push before crashing or just go for a direct crash is a 50-50. I feel it's half and half, but regardless of which path it takes, the target for the big pie in the next two to three weeks is very clear: around 95000! The key scenarios are just these two paths.
Now let's calculate the theoretical retracement levels: this wave surged from 74500 all the way to 111980, an increase of almost 37000. According to Fibonacci levels, a half retracement is 93000, a sharper drop to 0.618 would be 89000, and a gentler drop to 0.382 is 97000.
Looking at the 60-day moving average now stuck at 95000, I personally lean towards the idea that this round of retracement will land in the range of 93000 to 95000. The weekly level has risen for 8 weeks straight, so a 3-week retracement is quite reasonable.
Bottom-fishing plan to focus here: Don’t be itchy and randomly buy; if you really want to buy low, be patient and wait until it truly drops to the target area of 93000-95000. You can take a small position to bet on a rebound, targeting around 105000, take some profit and don’t linger in battle.
The daily MACD is still slowly approaching the 0 axis; the retracement trend hasn't changed, friends, control your hands!
Opportunities are fleeting, a retracement is imminent, bottom-fishing layout for spot trading, and altcoins are waiting for you to take profits! Doubling your investment is not a dream; click on my profile to follow me, and let's enjoy the bull market feast together!