Use some simple logic to understand the current market: From the monthly chart of Bitcoin, the bull market trend is very obvious. At present, it is just sideways on the monthly chart, oscillating near the new high, clearing the profit-taking, and laying the foundation for the next wave of rise. This situation is normal. As mentioned before, the maximum callback is 60,000 US dollars, which is already the limit, and it may not really reach this point.
This phenomenon is common in history. For example, when Bitcoin was at $6,000 in the 2017 bull market, and when Bitcoin was around $10,000 before the second wave of the main upward trend in 2020, both experienced similar consolidation periods. (Bitcoin consolidated around $10,000 for 6 months) Learn to delay the enjoyment of altcoins: Bitcoin's siphon effect still exists, and the hot outbreak of altcoins will still occur, but with the changes in the market cycle, there will be a delay in time. Especially now that there are many leeks and currencies, the main force is waiting for the opportunity to take advantage of the momentum through washing. (The indicators of altcoins for Bitcoin are currently at the bottom, pointing to the eve of the outbreak) Adjust your mentality: Many people now doubt that the bull market is about to end because they are tortured by the market and are almost collapsed. The more pessimistic voices there are, the healthier the main force's washing is. There will be continuous good news in the future, and the second half of the bull market will inevitably come!
Launch of ETH ETF: Ethereum’s ETF will attract more institutional investors and further boost the market.
Impact of Prague’s policy: The new policy and regulatory environment will provide a more solid foundation for the crypto market.
Expectations of rate cuts and substantial capital inflows: The Fed’s rate cuts will bring in more liquidity and drive the market higher.
Policy benefits brought by the US election: In order to win the votes of crypto users, more policies supporting the crypto market will be introduced during the US election.
The Basel Committee on Banking Supervision's new regulations: allowing banks to hold 2% of crypto reserve exposure will further regulate and promote market development.
We are currently in the typical stage of a bull market - up for a while, sideways for a while, especially for altcoins. In a bull market, altcoins will take three steps forward and three steps back, and then suddenly take six steps forward. This kind of burst often occurs in the last 1 to 2 months of a bull market, and then the bull market ends. The logic is clear and the goal is clear. Making money depends on luck, and holding depends on faith. It's that simple.
Market Analysis
Bitcoin has formed a long-short dividing line in the 66200 area. The price fell to 66251 last night and then rebounded, but the rebound was obviously not as strong as Ethereum. It is recommended to wait and see at present, because the rebound momentum of Bitcoin appears to be relatively weak. Nevertheless, now is not a good time to short, because the price has not fallen below the key support level of 66200. If it falls below this support level in the future, you can refer to the downside targets I mentioned yesterday: TP1 is in the 63300 area, and TP2 is in the 60600 area.
ETH
In a downtrend, shorting on rallies is the current strategy. Currently, the price is supported and rebounded at the 3435 area mentioned yesterday. Now focus on the 3660 area as a short order entry point. The lower targets are still TP1: 3435 area, TP2: 3215 area.
Intraday operation suggestions
At present, you should wait and see, and do not enter with a large position. The market is at the watershed between long and short positions. If it rebounds but fails to break through the resistance level, it is recommended to short at a high level. The support level of BTC is 66200, and the support level of ETH is 3435.
Altcoin Operations
Most altcoins are still falling, and some have even fallen below their previous lows. It is recommended to buy spot in batches after finding the intraday low. For those who are skilled in technology, you can patiently wait for the opportunity according to the structure.
If you don't know how to screen strong coins, then I suggest you follow me. Whether it is spot or contract, a little shot may be your limit. The opportunity is short, so you must seize it! Success does not depend on luck, choice is greater than effort, and the circle determines destiny. In the currency circle, in addition to having a keen eye for judging the situation, you must also keep up with a good team and a good leader. If you follow me, you are already halfway to success in the currency circle! 👗 BYLK688
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