Overnight, BTC once retreated from nearly $90,000 to 84k. BTC seemed to have "collapsed" again. A large number of chips suddenly appeared, just like pouring cold water on this mad bull, and the market calmed down a little. From around 3 pm, it reached a high of $89,970 (very close to $90,000), and then was directly suppressed to below $86k, breaking through the four barriers of 89k, 88k, 87k, and 86k. However, BTC opened at 84k during the day, so the overall upward trend remained. But those copycat coins were not so lucky. After the situation turned bad, they all collapsed and turned to decline.
The market at this time is simply playing with investors' psychology. Previously, the market was rising all the way, and investors were reluctant to enter the market because they were afraid of heights and hoped that the market would fall so that they could have the same opportunity as last time. As a result, there was no opportunity at all and they could only miss the opportunity. Now, the market has reached such a high position, and some people rushed in with a hot head, blindly went long, and continued to shout that the market would rise. At this time, the dealer is waiting for you to enter, and then directly starts to pull back. Do you understand? If you don't understand, you will be confused. If you are carried away by market sentiment and chase the market now, it is really not suitable for trading. It is better to exit early, otherwise you will waste time and money on it and get nothing in the end.
Specifically speaking, how will the subsequent market trend develop?
(1) From the perspective of on-chain data, the current supply of Bitcoin on the chain is close to the short-term risk peak, which means that the market may experience a sharp correction at any position between 90,000 and 110,000. From the perspective of chip distribution, there are large vacuum periods between 77,000 and 79,000 and 82,000 and 86,000, and it is difficult for these positions to form effective support, so real correction support may only appear below 81,000 or 77,000.
(2) From the perspective of the long-short ratio of the contract, if it falls to 72,000, more than 5 billion will be liquidated, and if it falls to 77,000, more than 3 billion will be liquidated. So overall, the callback position in the range of 70,000 to 77,000 is more reasonable. Sharp declines are common in bull markets. Don't be afraid, be brave and pick up chips.
(3) From the perspective of market sentiment, the current market sentiment is overheated, with the greed index reaching 84, and FOMO sentiment has emerged in the MEME coin sector. From this round of bull market to now, MEME can be said to be the only main line. Whether it is Binance's listing orientation or the market's hype sentiment, they all revolve around MEME. Therefore, the emergence of FOMO sentiment in MEME means that a short-term correction is not far away, and it is not recommended to take risks with large positions.
The overall situation of altcoins is not bad. Currently, Bitcoin's dominance is still close to 60%, and it has even increased compared to the previous two days, which shows that we are still in the process of a bull market. In short, a short-term correction does not mean the end of the bull market, and there is no sign of a peak yet. Keep a stable mentality and wait patiently. After Bitcoin reaches a new high, there will be waves of trends. We are still in the first wave. There will be adjustments later, and it will reach a new high again. The bull market is not achieved overnight, but it is necessary to move up step by step.
Finally, let's talk about today's hot topics: Musk was appointed as the director of the government efficiency department (d.o.g.e), and the market value of doge soared to 60 billion US dollars. Dog-themed memes such as doge, bonk, floki, neiro, wif, and d.o.g.e are all rising. In the future, DOGE and PNUT may take off together.
For several targets of the doge system: neiro basically only has traffic within the circle, which is not enough to support it to go higher, such as the height of $shib, while pnut has higher cultural, political and other multiple values. Doge itself is the core leader with the largest market value, and the upward space still depends on it to open up. The main line of this round has been clarified, so the possible scripts for the future are: DOGE opens the way to explore the meme market value space, launches DOGE ETF, and PNUT follows closely to become the SHIB of this round. It may not be too late to participate now. For outsiders, if you can buy 5M or 50M pnut, you will really enter the core circle, and you should cherish the opportunity to obtain chips.
#PNUT走高 #币安获CCData最高评级 #美国10月CPI数据即将公布 #马斯克将领导美国政府效率部 #Mt.Gox地址动向 $BTC
