Bitcoin Market Analysis $BTC
Bitcoin has completed an increase from 24700 to 31900, and is now undergoing a correction starting at 31900, and there will be another increase after the correction. The correction starting at 31900 is divided into three waves WXY. It is currently in the Y wave, and the Y wave is the last decline of the correction. See the green line in the figure.
The minimum decline of wave Y is 80% of wave X, and the position of 28700 has been met. The decline of wave Y may end at any time. It is not recommended to chase the short at this stage. If the low point is hit, consider starting to arrange long orders. If it breaks through 29500, it can be confirmed that the callback is over.
Ethereum Market Analysis $ETH
Ethereum has broken a new low, and it can be confirmed that it is experiencing the y wave, as shown in the green line in the figure below. Ethereum also shows a similar trend to Bitcoin. Once it consolidates and hits a new low, it may be time to intervene in the long position. It is worth noting that the support level of Ethereum is around 1780. If it falls below this level again, you can consider placing a long position.
Altcoins
LTC: If it hits a lower point again, you can consider placing long orders. Currently, it is near the trend line, so it is not recommended to chase short orders.
bch: There is still a certain distance from the lower track of the channel, so do not intervene for the time being.
Order Suggestions
Bitcoin: Arrange long orders in batches in the range of 28300-28500, with a stop loss at 28100.
Ethereum: Enter long orders near 1780.
