A waterfall wash in the early morning!
The market trend is just as I judged a couple of days ago; it still hasn't stopped falling, and there's always a chance of breaking below 80,000. Let's review the article from the day before yesterday: The boundary between bulls and bears has been broken. Is there still space for Bitcoin to drop? Where are the key points?
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Currently, all RSI indicators within the daily level are oversold, but oversold conditions often require a bottom to be formed, which needs a decent rebound first. There are still no signals to continue waiting for the bottom formation. I still maintain my previous view, believing that each time the market starts or breaks a new high, it will pull back to the bull market's starting point; thus, we are waiting at around 70,000 to 75,000.
Treat this as a bear market in the middle of a bull market, and the best thing to do is to invest regularly!
Think about how to operate in 2023! There should be no panic but greed!
Although some altcoins still need to watch Bitcoin's performance, they have all maintained key support levels. As long as there is no crash-like decline, these altcoins actually have the capital to compete with the market. However, don't expect them to collectively reverse immediately; at most, there will be a short rebound. Bitcoin still needs to oscillate back and forth to find a bottom. My advice has always been: 'Buy in batches as we approach the weekly double bottom.' It would be better to buy near the weekly double bottom.
The U.S. January PCE price index announced tonight will be highly anticipated. Originally, this data wouldn't have a significant impact on the market (as it has already been fully digested), but at this highly sensitive moment, any slight change could become the last straw that breaks the market's psychological defenses.
