Bitcoin surged to 120,000 and then plummeted to 118,000. Currently, Bitcoin is fluctuating around 118,900. Ethereum is not dropping and is performing exceptionally strong, continuously fluctuating around 4300 in the past two days. In the last 24 hours, a total of 139,332 people worldwide have been liquidated, with a total liquidation amount of $442 million.
BTC
Bitcoin's short-term attack on a historical new high failed to break through, showing a rise and fall. It just accurately retested the lower trend line, but the volume did not increase, and there is support from MA30. Therefore, a short-term pullback to around 118,000 is likely, and after washing out, BTC will continue to challenge the 123,000 pressure level, with hopes of reaching a new high.
Bitcoin's daily chart shows a potential end wedge pattern, with 12.2 being the target for the 4-hour 5-wave structure. How to judge a false breakout? Breakthrough, then retest; if it breaks down, it’s a recovery.
Intraday focus on upper pressure 11.95-12.05: if it stands above, it will break down and recover, continuing to wait for new targets. The wedge target will continue to wait for trading.
Intraday lower support at 11.8, 11.6, 11.45: if this breaks down, the ascending channel will be damaged. Whether the daily line ends or not will be judged from the structure; if the structure breaks, it will be established!
In the short term, Bitcoin still has a gap of $2000. The drop in the early morning just hit the gap and rebounded. If the data is bearish, it is very likely to fill this $2000 gap in one go. Be cautious of risks.
ETH
There is a temporary trend of interchange between Bitcoin and Ethereum, indicating that capital is gradually beginning to favor Ethereum. The overall market is correcting, but only Ethereum (along with TRX, which is performing independently) is still fluctuating in the range of 4150-4350.
ETH is currently fluctuating in the range marked on the chart, and despite multiple downward pin attempts at 4165, it has not broken this strong support. Once it breaks, attention should be paid to the 4165 position for Ethereum's waterfall effect.
Upper pressure 4279-4308-4347, lower support 4216-4157-4103.
Altcoin
It is currently very difficult to wait for a full bull market; altcoins are still a game of existing funds, with no additional spot buying like Ethereum. Therefore, selecting targets is very important. Ethereum is performing exceptionally strong. If you want to bet on the altcoin season brought by ETH, you can layout these several altcoins:
LDO:
1. Narrative: Telling the story of ETH staking ETF, there are expectations. Among all related concepts, its candlestick pattern is the strongest.
2. On-chain data: Old Black is buying, and some large holders are also continuing to DCA.
3. Exchange data: Currently, retail investors are shorting while large holders are going long.
UNI:
1. Narrative: Compared to LDO, which may not be as closely related to Wall Street, ETH is also a unique track in the ecosystem. Last night's DUNI proposal released positive news, which may reconstruct UNI's value logic in the long term—from a governance symbol to a yield asset. Attention should be paid to the subsequent governance voting progress and details of fee allocation. If approved, UNI may enter a value reassessment cycle.
2. On-chain data: Several large holders have been accumulating and show no signs of selling, with amounts above 10 million.
3. Exchange data: Large holders account for 83% of the long positions, a very rare situation with overwhelming data.
