Last night, the U.S. strategic reserve announced it would not buy Bitcoin, and recent short-term bearish factors have interrupted the overall upward momentum. Bitcoin and Ethereum continue to plummet! Last night saw a sharp drop, and in the last 24 hours, a total of 107,743 people globally were liquidated, with a total liquidation amount of $383 million.
BTC
Yesterday, Bitcoin showed weakness and fell below the low from the day before. However, the drop and trading volume were relatively small, and after breaking the previous low, it quickly recovered, indicating that selling pressure did not continue to build. A brief rebound may be expected over the weekend.
Currently, there are no obvious bottom signals seen on the 4-hour and daily levels. The price channel has not been reclaimed, and it has broken down through the consolidation after the drop, with new lower lows appearing. If Bitcoin can provide a D point for the shark pattern, this is a worthwhile left-side long position. Fans who favor left-side trading can wait for this position around 114196. This position cannot be said to be a reversal, but a rebound will definitely occur.
Today, continue to focus on the 117500-118000 range, as volatility is low. A small space for weekend trading can be explored, but large-scale movements are currently not in play! Because at this moment, the 1h/2h/4h levels are indeed strongly bearish!
ETH
ETH 4-hour level at 4369 broke down, looking down towards 4330-4272. The triangle at the hourly level has been broken, and the M head and neck line was falsely broken but recovered. If ETH cannot reclaim the internal triangle formation, the real correction will begin when the bearish flag formation breaks.
Currently, I do not recommend casually going for rebound longs. The mid-line is suppressive, and the downward target could be at 4330 or even 4160. If one wants to go long, I suggest waiting for the price to break through the mid-line again and then retest without breaking the mid-line before going long.
Altcoin
This wave of sharp decline has hurt many speculators holding altcoins. This round, due to the dilution caused by the stock market, ETFs, and the daily issuance of thousands of on-chain assets, the altcoin market has lost its speculative uniqueness, which is why the altcoin season has turned into an altcoin funeral.
However, the rise of altcoins has a certain lag. After the previous market upswing, they did not follow, so there will definitely be a catch-up rally, which will not take too long to happen, likely around this time next week. Just hang on for a few more days!
Doge
Doge has been performing unusually lately, with a relatively small pullback and falling near strong support. It has completed a large-scale oscillation washout. This formation, where the right peak is higher than the left peak, is often the last accumulation before a takeoff, and a massive pump is about to come. There is a 40% probability that the next wave of market movement will be led by it.
XDOG
XDOG is the top coin on Xlayer, and there are many potential benefits to be released. For example: OKX is personally involved in building and providing ecological support. The interplay between Pump and Bonk suggests that, in the long run, it’s easy for $XDOG to reach a market cap of 10M.
CHZ: Currently, the pattern is a descending wedge. If there are no new lows, the target price is around 0.34. (If a new low occurs, adjustments are needed.) Time is running out, and many small coins have not yet made a move, so it's advisable to be conservative. If there is a wave, consider taking partial profits near the white dashed line (0.164) to recover the principal. Of course, it is also possible that it will test the bottom of the descending trend line again, so appropriate stop-loss measures should still be in place. After four years, the chips have basically returned to the previous starting point, with a high concentration of chips.
