Long time no see. After a month and a half, I'm back.
In the past month and a half, the market looks a bit bleak. I wonder if everyone’s money is still there. I took a break and basically didn't trade, which helped me avoid a disaster. Trading for the new year is about to start, and although my follower count is pitiful, I will still share some of my personal observations and thoughts in the square, which can be considered a complete trading journal. I performed poorly in trading in the second half of last year, with a significant drawdown of over 50%. I hope this year will be better.
Yesterday, BTC broke below the previous wave low, marking a successful decline in the range. Currently, it has paused. The drop on February 3 triggered a strong decline in altcoins, but the drop in altcoins over the past two days has not been that significant. Major altcoins may be more likely to return to the lows from the 3rd, essentially retesting that low. Moving forward, we should focus on observing the strength of the retest at that low.
Taking ETH as an example, it has not broken through the low of 2125, and the support at 2100 on the daily chart has been verified multiple times. Although there is still a risk of a short-term decline, I am not so bearish in the long term. If there is a fake breakout at the low followed by a signal for an upward movement, it would be a good buying opportunity.
$BTC
$ETH