25/02/07 BTC 4H descending wedge, rebound looks to the upper edge of the channel, altcoins have relatively high cost performance.
Market sentiment is very pessimistic. Vitalik said the atmosphere in the crypto community makes him uncomfortable to the point of wanting to give up. Du Jun also complained on X about the industry's reliance on 'narratives' being deeply problematic. The narrative has become a shell; project products are poor, data is falsified, and they rely on KOLs to support the scene, with no substantial business but eager to scam money.
Recently, I've seen many influencers and OGs return to poverty overnight, and many retail investors in the square have lost confidence and are considering finding jobs. In fact, this situation was also prevalent when the market fluctuated between 50,000 and 70,000 for eight months last year, and many people couldn't hold on. Later, when the understanding was that the King won and Bitcoin reached a new high, there was hope again...
However, the son still has the same idea. In the more than 700 days since 2023, the time spent in horizontal or downward movement accounts for 75-80%, while the upward movement only accounts for about 20%. And every time there is a significant surge, it doesn't exceed a month, and many people dare not chase it. When the market oscillates at high positions, they often easily give back the profits made during the previous uptrend. I have also reminded friends around me to only participate in the main rising wave market, but most cannot control their hands.
The US January unemployment rate was expected to be 4.1% but was announced at 4, which is bearish. The non-farm payroll was expected at 17% but announced at 14.3. The market first dipped down and then rebounded, breaking through the descending wedge.
Bitcoin
Bitcoin's 1-hour descending wedge broke, simultaneously breaking through 99100, and as of the time of writing, the price has reached 99970. Yesterday's small descending wedge broke but fell back without breaking through, hitting a new low before recovering back to 96100. I have reminded everyone for several days to pay attention to the opportunity for a second test. At this moment, there is no need for extreme panic. The real concern is that the rebound cannot break through 106000, and the downward channel will pressure again, leading to a risk of further correction.
In the short term, continue to look for a rebound at 102456, which is also the resistance of the descending channel. If the subsequent correction is not large, it is possible to maintain oscillation, taking it step by step.
Support:
Pressure:
Ethereum
Ethereum was reminded last night to watch for the convergence triangle breaking down, but it didn't fall too deep. The support at 2655 continues to rebound. Ethereum is expected to continue oscillating in the short term, looking for opportunities for a catch-up.
The daily line is still at the lower edge of the descending wedge, and the price has not effectively stood back above 2800 and 2920, which still belongs to a weak trend.
Support:
Pressure:
Altcoin aspect
First, still pay attention to ETF expectations for SOL, XRP, and LTC. There has been a lot of recent news about spot ETFs, but it's relatively difficult to pass in a short time due to speculative expectations. #LTC #Xrp🔥🔥 $LTC #非农就业数据来袭 #你看好哪一个山寨币ETF将通过？ #以太坊现货ETF连续净流入
