Bitcoin and Ethereum have been declining recently! Sweet Dream has been emphasizing in articles that Bitcoin and Ethereum are in a downtrend, and the crash is not over. Those making rebounds need to take profits in time. Many fans are asking how low this wave will go. Should we cut losses or add positions in batches? Let's follow Sweet Dream and see!
BTC
Last night, Bitcoin rebounded to around 115,850 but faced resistance and fell back, temporarily staying around 112,600. This pullback is considered an acceleration of the decline, driven by the 12-hour MACD double line returning to zero and the daily MACD fast line returning to zero, resulting in bearish volume.
Currently, it has dropped to above 112,500, reaching a strong support level. Bearish volume is also gradually decreasing, so a short-term rebound is not ruled out; we are just waiting for bullish volume to kick in.
(1) 112,000 USD is both a contact point of the upward trend line and an important position for stop-loss swaps.
(2) The panic selling from the previous night may trigger a natural technical rebound.
(3) Retail investors and some bullish institutions will attempt to protect the market here.
Currently, there is a potential 'double bottom' formation on the hourly level, but it has not fully formed yet. From tonight to tomorrow, we will be defending the 110,000 mark. Although the weekly level is currently bearish, the Bollinger Bands' lower band at 112,000-110,600 generally sees a rebound. Due to news coming out later tonight, this rebound could be quite strong. We need to lay in wait here for a counterattack.
ETH
Ethereum continued to decline in volume yesterday, and the market for Ethereum has reached a critical moment! Sweet Dream mentioned in the article yesterday that Ethereum would be buying the dip in the 4172-4080 range. Sweet Dream placed a buy order at 4100 and made a huge profit of 263%. However, it has not yet hit the target, and there are still opportunities to buy the dip!
Can ETH hold the 4,000 USD mark?
Answer: It is highly likely that it will be difficult to hold.
On the 4-hour level, around 4225 USD is a key structural point. If it is broken, it signifies that the bullish trend is damaged and forms multiple tops on the 4-hour level. The 3924 USD level is both a previous high and an important support point. The 4,000 USD level serves as a psychological support and has technical significance, so a rebound may occur first.
However, from an overall structural perspective, it is unlikely to hold at 4,060 USD and initiate a major rebound all at once. The probability of hitting 4353 or 4500 USD is very low.
Strategy: If you are afraid of missing out, you can start with a light position near 4070, add near 3980, and set a stop-loss at 3900. No one can perfectly time the bottom; we can only say to lay out in this range. If you want to capture the subsequent 1,000 points of profit, your stop-loss must withstand the test; otherwise, you are just a pure gambler.
Altcoin
Altcoins can be strategically accumulated at low points; the logic has not changed. Only high-quality leading altcoins will follow the market upwards; the rest are currently garbage. There will no longer be an 'altcoin season'; what is called application in the crypto space is seen as 'playful' by traditional capital. They only need to wrap projects in blockchain to take away the livelihoods of project teams, and Circle is the best example.
PEPE: This wave of decline has not affected PEPE much, and because it did not rise much before, the drop has noticeably decreased. This indicates that selling momentum has weakened, and there is buying support. Currently, PEPE has strong support levels at 830 and 760, meaning the maximum downward space for PEPE is only about 30%.
PEPE has never had a price drop below the Bollinger Bands' weekly lower band. The weekly lower band is currently rising at about 60 per week, leaving little space and time for PEPE to drop. In short, there are only two to three weeks left. Sweet Dream is quietly waiting for another opportunity to greedily accumulate.
LTC: Litecoin has a small market cap and ETF expectations. LTC is also heavily invested by Grayscale, making it a good target for speculation. Sweet Dream will choose to buy the dip around 105!
DOGE: 0.21-0.20 is an important support zone for Dogecoin. Sweet Dream will be buying the dip around 0.20. Dogecoin has not missed any market waves; it performs quite well in each wave. You can buy some Dogecoin and hold it for a rise!
If you want to know more about the buying points of various cryptocurrencies, you can follow Sweet Dream. "Calling to buy the dip at the bottom and escape at the top" is a very thankless job. We are still in a bullish market process, and when the real top appears and we need to escape, we will be the first to retreat.
We enter the cryptocurrency market to seize trends; we are not here to earn a salary but to get rich. The trend is right in front of you. If you don't seize it and miss this wave, you might have to wait another two years!
