The market is consolidating, both bulls and bears are waiting
Ah, what we're waiting for is that moment of a sharp drop! According to the script, $BTC should plunge to around 109000, $ETH should pull back to 3900, and then short-term bottom fishing rebound. But today this drop is delayed, and the market is just hanging there.
Currently, BTC is around 111300, and ETH has been fluctuating around 4000 all afternoon. They are both struggling near the critical support level, if they hold, they might bounce back, if they break, it could drop a bit further. The candlestick chart shows long upper and lower shadows, neither bulls nor bears are yielding to each other, and the trading volume is lukewarm, just waiting for a directional signal.
About ETH: Some say it could reach 6-8K, even five digits. Historical data shows that ETH tends to rise in the fourth quarter, and if it breaks out of the descending wedge, the theoretical target is 6800.
But currently, the RSI is close to overbought, and there is significant short-term pullback pressure. Saying it can't rise is an emotional statement, the key is whether it can hold above 4500.
About the new ETF: The SEC's new regulations make it easier for ETF applications of coins like SOL and XRP to be approved, but I think the next one could be LTC or ADA. However, having too many ETFs may not be a good thing, as it can easily disperse funds and turn into pure speculation.
About the peak theory: Circle issued an additional 250 million USDT on Solana, which indeed indicates that there is capital entering the market. But don’t follow immediately just because a big whale buys in; they might just be trying to lure you in.
Now the market is being driven by emotions and technical aspects, patiently waiting for signals is more reliable than making blind guesses on points. If you have no clue at this critical juncture, just come to me, I will do my best to help you!
