In a bull market, insert more needles! BTC's lowest point was 116128, last night the internal group ambushed at 116168, precise targeting and striking, perfectly getting in to earn profits.
In the past 24 hours, a total of 135,266 people have been liquidated globally, with a total liquidation amount of $506 million.
Long positions liquidated $269 million, short positions liquidated $237 million, both long and short positions got liquidated, especially last night many people chased long positions at high levels, without taking profit or setting stop-loss, waking up to find their positions gone. Without long-term consideration, there will be immediate worries; not setting stop-loss will inevitably lead to liquidation sooner or later!
Today's BTC analysis
Bitcoin support levels are 119200 and 109500, while resistance levels are tentatively set at 120545 and 123000. Currently, we need to focus on the intraday gains and losses at 116411; if it breaks down under pressure, it will test the 112000 support; if it stabilizes, it will maintain fluctuations during the day, with directional choices possibly deferred until the evening.
Today's ETH analysis
Ethereum support levels are 3486, 3339, 3101, while resistance levels are tentatively set at 3892. Currently, we need to focus on the intraday gains and losses at 3715, which is consistent with BTC's critical level of 116411; if it breaks under pressure, it will test the 3605 support; if it stabilizes, it will fluctuate during the day, and we should patiently wait for the evening's direction to become clear.
Operational advice:
Setting stop-loss to protect capital is an effective method to cope with extreme market conditions; last night's DOGE is an example — first take profit of 20%-60%, then set a stop-loss to protect the principal, even if there is a subsequent drop, it won't affect the principal. Although you may earn less, it is far better than losing.
$ENA may be the first iconic token to be stock-like among altcoins. I entered at 0.385 and added to my position to an average price of 0.385, achieving a gain of 169%. Those who want to hold can continue to do so.
Currently, the circulating market cap of $ENA is $3.3 billion, and a huge buying power is expected to push the price of $ENA near its previous high, and it may even set a new high.
Is altcoin just a runner-up?
At least until there are enough exciting endogenous narratives in the crypto circle, altcoins as a whole can only be the runners-up in a rebound from oversold conditions. Do you think it's easy to pick 3-5 out of tens of thousands of coins that can rise by 10,000%? Or is it easier to earn 100% on Bitcoin or Ethereum? If you want to gamble on the higher returns of the former, you might as well check whether your position's gains have outperformed Bitcoin and Ethereum.
We need to give Ethereum enough room for imagination. This sounds simple, but it is not easy to do. After all, those who chase highs often end up bitter. Our trading system and technical system inherently reject this kind of rise driven by emotions and funds.
The crazier the bull market gets, the calmer we need to remain.
In a bull market, technical indicators, especially smaller time-frame indicators, become ineffective, which is also why many technical traders missed this round of market or exited halfway. Overbought? Divergence? Waiting for a pullback? The result of waiting for a pullback is often that once you exit, it becomes difficult to get back in. A bull market is always driven by emotions, not by any technical analysis; it is inherently irrational.
A bull market is actually a 'great retreat'.
We cannot predict the top of the entire market, nor can we accurately predict the top of individual coins. What we can do is reasonably plan our positions and strategies to cope with unpredictable market trends.
Taking profit is not wrong, chasing highs is not wrong, what is wrong is blindly chasing highs after taking profit, not setting stop-loss after chasing highs, and being swept away by crazy emotions when not setting stop-loss, ultimately getting harvested repeatedly. Don’t think too much, and don’t be greedy. In simple market conditions, just earn the money you are capable of earning.
