4.29 Morning Market Update:
Yesterday, Bitcoin rebounded beyond expectations, rising from 93,800 to 95,300. On an hourly basis, it tested the bottom three times with higher lows. If it doesn't break 93,700 today, it is likely to break 95,300. However, it is currently close to the Fibonacci 0.618 resistance level, and with the Dubai Token2049 conference tomorrow, we need to be cautious of the sentiment impact of "always dropping during conferences."
Ethereum's performance is in line with expectations, rebounding to around 1,800, continuing the daily MA5 oscillation pattern. In the short term, focus on the 1,760 support; if it holds, the main force is expected to push higher. The 1,700–1,750 range presents a buying opportunity, with 1,700 being a critical defense line; as long as it holds, the bullish outlook remains.
In the altcoin space, capital rotation is evident:
1. Stock concept: Layer, Memefi, and others have taken turns surging, with Sui ecosystem project Memefi showing impressive gains;
2. AI narrative: $VIRTUAL , $SHELL , Cookie, AIXBT, and others have rebounded from oversold conditions, but overall, it's mainly a wave trend;
3. Meme sector: $Troll, $House, $Hosico, Neet, and other four major "conspiracy group coins" remain active, with Troll even setting a new high after a significant drop.
Short-term operations need to pay attention to the rhythm of hot topic switches to avoid getting trapped by chasing highs.
