$BTC One day skyrocketed 5000 points, is it a rebound or a reversal?
Yesterday's market really felt like a roller coaster ride; first, it plummeted 5000 points, then it surged back up 5000 points. This kind of drastic ups and downs really affects people's moods. Although this rebound is quite strong, I believe it is still not enough to indicate that the market has reversed, and the downtrend may not be over yet.
I have analyzed before that the rebound strength at the 100300 point level would be stronger than at the 103000 point level. The 103000 point rebounded by 3600 points, so the rebound strength at 100300 points must be greater, which is why I predict it will exceed at least 3600 points. As expected, it rebounded by 5000 points on the first day, which was within my expectations. The second resistance level I originally anticipated was 105700 points; although it didn't reach this level, it got close to 105300 points, just 400 points off from my expectation. To be honest, I might be the only one in the entire market who saw the possibility of going above 105000 points after yesterday's drop.
So why did the 100300 point level rebound so strongly? Because this position is very critical; once it breaks down, the entire market will undergo a qualitative change. If it breaks the 100000 level, prices could drop to 95000, 92000, and such levels, leading to a drop of 20000 points. Moreover, this is also a strong support level at the lower Bollinger Band, so a rebound is normal.
The operators will definitely create a false sense of prosperity at this level to give bulls a sense of hope. Because in many people's minds, as long as it hasn't broken 100000, the increase hasn't ended. The more people think this way, the easier it is to set traps at this position, and the operators have always played this way.
I think at the 100300 point level, if it is to break, it will take at least another week. I personally believe this level will eventually be broken, but currently, the overall direction and market trend still mainly favor declines. Don't be fooled by surface phenomena.
In the later stages, Mengke will continue to focus on high-quality altcoins, patiently waiting at key points, treating each operation like stalking prey, and striking decisively when the time is right, easily reaping the rewards!