After last night's sharp drop and subsequent rebound, Sweet Dream emphasized in yesterday's article (The Truth Behind Bitcoin's Crash Exposed! Did the Ancient Whales Clear Out Their Bitcoin? Bitcoin Plummeted by 116,000!) that the liquidation zone for Bitcoin is between 115k and 113.8k. The bullish positions have not yet decreased, indicating that the short-term bulls have not surrendered. The smaller structure is biased towards bears, while the larger structure is still favorable for bulls. Therefore, we expect a quick downward drop followed by a recovery path. [115000-116000]: Effective support range, and a rebound is likely to occur here. After Bitcoin dipped near 115600, it rebounded as expected. Sweet Dream opened long positions near 116000, making a huge profit of 162%. Taking profits and looking for opportunities to enter again.
BTC
Bitcoin's daily line formed a long upper shadow candlestick resembling a 'tombstone line', and subsequently, a engulfing pattern appeared yesterday. The combination of these two candlesticks constitutes a strong top signal, indicating that the market may have reached a peak. The trading volume significantly increased the day before, but this move seems more like a false breakout rather than real upward momentum, showing selling pressure instead of sustained high gains.
On the 4-hour level, the MACD indicator shows a top divergence. If the fast and slow lines break below the zero line, it may further confirm the downtrend.
The bullish defense line at 115000 has supported once; if it comes down again, the support effect will weaken.
The 4-hour resistance level is around 119500. If the rebound does not go beyond this point, there will be an opportunity for a short position. If it breaks through here, then there is no need to test 115000.
ETH
Ethereum accelerated its rebound to a new high, reaching a maximum of 3158. Recently, Sweet Dream has been emphasizing that Ethereum is about to take off. Sweet Dream started positioning long positions at 2910 on Sunday, making a huge profit of 442%. It is a contract position, so the risk is relatively high. Since it has risen so much, consider taking profits in batches, cashing out, and seeing if there's a pullback to re-enter!
Ethereum, which was previously weak, is now equally strong. The target of 3100-3200 has been reached, and ETH/BTC has broken through the short-term supply line's resistance and surpassed the highs of May and June, starting to break upwards. Thus, Ethereum has become relatively strong in the past few days.
The short-term target for the ETH/BTC rebound is the 360-day line (0.0318). From January to June last year, the 360-day line suppressed ETH/BTC four times, and it may form a similar resistance this time. In this case, the corresponding short-term target for Ethereum is between 3600-3800.
Currently, BTC and ETH operate on two different logics. BTC has both value investment aspects and characteristics of a risk asset. Therefore, regardless of the monetary policy, BTC can continue to rise. The passage of the stablecoin bill, combined with large institutions and listed companies continuously accumulating ETH, suggests that ETH may also rise continuously like BTC in the future. After all, Ethereum is the most important crypto foundation at present.
Altcoin
The strong rise of Ethereum has spurred the altcoin season, with altcoins rising across the board. After the strong altcoins at the top have risen, market attention will shift to quality assets that have not yet risen, so everyone should keep a close eye on research and investment. Relevant ecosystems' strong assets, such as ena, aave, uni, eigen, ethfi, arb, can be the focus.
anime: The hottest recent penguin, nft+meme, is azuki, which is also nft+meme. 2. The penguin explosion happened because of cb and ok, these exchanges changed their avatars to penguins. Binance US has also changed its avatar to azuki. 3. Going live on Binance US tonight.
bome: The old meme has adjusted for a long time and is currently at a turning point with a bullish arrangement, and there is an expectation for a recent supplementary rise. Recent meme coin trends have been quite good. Current price: 0.00194.
Alice: The gaming sector has clearly seen a rise in popularity. If ETH stabilizes and breaks through, it is very likely to create some action! Alice generally moves in a trend that doubles by 50%-100% every time! It is very cheap now; I bought some at 0.48, laying low for a month, waiting for the market to pump!
