Black Monday! Bitcoin and Ethereum plummeted this morning and have yet to stop falling, while altcoins have been heavily impacted! I predicted last week that Bitcoin and Ethereum would drop further, and this week they indeed fell sharply. I also reminded everyone last night, those fans who listened should not have been trapped. This morning, I tried to go long at 1,152,000 but failed, so I decisively exited.
BTC
The weekly Bitcoin chart shows a top structure (long upper shadow, engulfing pattern), with the market leaning bearish. If a death cross and top divergence are confirmed this week, it may drop below 110,000. Currently, the weekly chart is weak, and it may consolidate in a small range at a high level. If it breaks down, it will enter a weekly level correction. The hourly bearish trend continues with no bullish structure in sight; it's advised not to go long. Pay attention to the support range of 108.8k-120k on the 4-hour chart.
Refer to the liquidation map
Currently, the long and short positions are concentrated around 110,000-120,000. If the price drops to around 112,000, the bulls may get washed out. I plan to attempt to go long at 112,000 or lower.
ETH
Ethereum's daily and 4-hour charts have broken the Vegas channel and upward structure, with bears continuing to break through, aiming to clear leverage and eliminate floating positions. The current decline is nearing an end, with the bear phase targeting 4,200 (a support area that has been touched multiple times). If a rebound meets resistance, the next target is 3,939.
Can we still bottom fish?
Of course, the decline won't happen all at once, key positions often have rebounds, and every wave of decline is an opportunity. I plan to place buy orders for ETH at 3,950-4,200 (resistance turned support range) and BTC at 110,000-112,000, which are also good buy signals. (If the points change, I will update promptly.)
President Trump is bottom fishing!
Trump just bottom-fished with $10 million in Bitcoin and $10 million in Ethereum. While you're panicking to sell, Trump is greedily bottom fishing. Do you still want to panic and exit? It's better to find an opportunity to buy low.
Altcoins
Bitcoin determines the market, Ethereum determines the altcoins. If both drop, the decline of altcoins will be even more severe. However, at this stage, do not let temporary price adjustments affect market confidence. This pullback is sincere, with no malicious dumping. The pullback is an opportunity for strong altcoins and a chance to enter before interest rate cuts.
LINK
Affected by the market decline, but the daily chart has not broken below half of the previous large bullish candle. After filling the gap, it remains in an upward channel. When the market warms up, LINK is expected to rebound first and challenge the previous high resistance at 27.
Dogecoin
DOGE's daily chart is approaching an engulfing pattern. If it drops to $0.2, it presents a good long-term layout opportunity.
SOL
Set long positions at 178.7 and 175.2, defending the previous low at 173.4. Take action if there's an opportunity; stay on the sidelines if not.
OKB
Optimistic about xlayer but worried about risks, you can buy OKB, with a market cap of only over 2 billion, high cost-effectiveness and stability, and it's undervalued. OKB remains strong during market declines, suggesting a buy-in order at 100 (yesterday's high was 130). Choosing correctly can yield twice the result with half the effort.
AERO trading directly, not just talk! A profit of 570% increase!
This week's turning point
This Friday, Federal Reserve Chairman Powell will speak at a global central bank conference, and Wall Street expects to confirm the interest rate cut process. The last rate cut was in early 2020, with the Fed 'printing money' driving the recovery of US stocks, BTC, and commodities until tightening policies in 2022.
Interest rate hikes and cuts are tools; what truly affects the market is expanding or contracting the balance sheet. The landing of rate cuts may trigger a counter effect, but the expectation of rate cuts drives the market, as each turning point this year has been accompanied by rate cut expectations. The strategy is 'buy the expectation, sell the reality.'
Friday is a critical turning point; we need to closely monitor Powell's comments regarding interest rate cuts.
