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! A sharp drop happened last night, and in the last 24 hours, a total of 107,410 people globally were liquidated, with a total liquidation amount of $382 million.
BTC
Bitcoin's performance yesterday was weak, breaking below the previous day's low, but the drop and trading volume were both small, and the price quickly rebounded after breaking the low, indicating that the bears have not sustained pressure. Short-term selling power has weakened, and a technical rebound may occur over the weekend.
However, currently, there are no clear bottom signals on the 4-hour and daily levels. The price is still within a downward channel and has broken below the recent consolidation structure, forming lower lows. If BTC can pull back to the 'shark pattern' D point (around $114,196), it will be a noteworthy left-side trading opportunity.
(Note: This position does not guarantee a trend reversal, but there is a high probability of triggering a short-term rebound, suitable for traders who prefer left-side layouts.)
Today, the market continues to focus on fluctuations in the 117,500-118,000 range, with little overall change. Engaging in battles within a small space is worth considering, especially over the weekend, but excessive operations in a larger market are temporarily inadvisable. Currently, the bearish momentum on the 1-hour, 2-hour, and 4-hour levels is relatively strong, so caution is required.
ETH
ETH broke down after surpassing 4369 on the 4-hour level, with the next support level in the 4330-4272 area. The triangle pattern at the hourly level of ETH has been broken, and after a false breakdown at the neck line of the M head, it has been reclaimed. If ETH cannot reclaim inside the triangle and continues to break below the bearish flag pattern, the pullback may really begin.
At present, I do not recommend recklessly opening long positions on rebounds, as the middle track is under strong pressure, and the downward target may be at 4330, or even 4160. If you want to go long, it is advisable to wait for the price to break through the middle track and then consider entering after it pulls back without breaking the middle track.
Altcoin
This wave of sharp decline has once again dealt a heavy blow to those heavily invested in altcoins. Due to the dilution from cryptocurrencies, ETFs, and the issuance of tens of thousands of on-chain assets daily, the altcoin market has lost its speculative nature, which is one of the reasons why the altcoin season has turned into an altcoin funeral.
However, the gains of altcoins usually have a lagging effect. They did not follow the market rise previously, but there will definitely be a wave of catch-up later. This market won't wait too long; it's expected to appear around this time next week, so just be patient for a few more days!
Doge
Doge has recently shown abnormal performance, with a relatively small pullback, landing near strong support. It has completed a massive level of consolidation washout. This pattern, where the right peak is higher than the left peak, is often the last accumulation before takeoff, and a huge pump is about to arrive. There is a 40% probability that the next wave of the market will be led by it.
XDOG
XDOG is the leader on Xlayer, and there are many positive news waiting to be released. For example: OKX is personally getting involved in construction, providing ecological support. The rise and fall of Pump and Bonk will lead to a long-term view that $XDOG will easily reach a market cap of 10 million.
CHZ:
The current pattern of CHZ is a descending wedge. If it does not create a new low, the target price is around 0.34 (if a new low occurs, expectations need to be adjusted). Time is running out, and many altcoins have not clearly expressed their stance, so it is advisable to draw a conservative expectation. If there is a wave of increase, consider taking partial profits near the white dashed line (0.164) to recover the capital. Of course, it is also possible to test the bottom of the descending trend line again, so setting a stop-loss is still essential.
