The altcoin market has come to a pause, can we buy the dip now?
The day before yesterday, I mentioned that the short-term resistance level for #BTC is 105000, and it started to pull back at a maximum of 104949. It is still continuing to pull back, and some of the previously strong altcoins have shown significant signs of weakness since yesterday afternoon. Here are my latest thoughts:
1. I maintain my view on BTC from the day before yesterday, with a temporary outlook unchanged, expecting the pullback to see a minimum of 99000.
2. The altcoin market is temporarily at a standstill. Taking #MOODENG as an example, this coin has seen a significant increase in this round, serving as a benchmark for profit-making effects. According to the chip structure of MOODENG, 0.24 is its strong support point, and it has already broken down to 0.23. Additionally, the main force of this coin has been reducing positions, which makes me inclined to see it cut again. If you have played stocks, you know that if the leading stock in a round of market shows a loss effect, it negatively impacts the sentiment for the entire sector, causing other coins to tumble as well. This was evident yesterday, as many other altcoins fell in unison following the drop of MODDENG. It cannot be ruled out that it was a temporary retreat by a super large player, who will buy back the chips after the drop.
In summary, whether it is BTC or altcoins, the pullback is not over. Do not rush to buy the dip; patiently wait for the best moment.
Lastly, I will share my latest views on 清水的小天地.
