After four years, the cryptocurrency market welcomes a bull market again. Some may still be unaware, while others have already enjoyed the first wave of market dividends. Are you on the bus this time? Bitcoin still refuses to correct; it dipped to a low of 78500 at dawn, which is 500 points off our estimated support. It is currently pushing for a new high, quickly recovering after breaking down, indicating that the medium-term upward trend remains unchanged.
At the start of the week, the market welcomed an upswing, providing us with positive signs. The market highs are continuously being refreshed, and the support levels are steadily rising. On the daily chart, a series of bullish candlesticks demonstrate a strong one-sided trend. The principle of 'not calling the top' still applies in a bull market. A large influx of capital into the market drives the price of currencies to keep rising. Rapid declines in the early session are usually hard to sustain, often leading to rebounds after quick corrections. If we can break through the low of the Asian session, the downward momentum will greatly weaken. Therefore, a bullish strategy is advisable at the opening.
BTC short-term: Long at 80500-80000, target looking at 83000.
ETH short-term: Long on Ethereum at 3170-3150, target looking to break 3300.
Though the road is long, it will eventually reach its destination. Holding steadily and firmly making your own choices is the most in line with the market needs.
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