Everyone, while investing or speculating in the cryptocurrency circle, don't ignore the life circle. Warm reminder: There is a high probability that the Federal Reserve will not raise interest rates in the early morning, so be careful of the risk of downward pinning. It is safe to short $ETH to 3600, and the lowest is 3200.
$ETH will inevitably experience a major correction of 300-500 points this month. Reasons: 1. Sun Ge has the intention to sell. 2. $SOL has been sluggish for a month and will definitely exert force later, absorbing the funds from $ETH . 3. It is highly unlikely that interest rates will be lowered. 4. Recently, compared to the trading volume of Bitcoin, it can be said that the chips are fully loaded, and there is a situation of draining Bitcoin's blood; it still can't break 4000. If it breaks 4000 later, there will be no hope, and it will only return to 3500, then 3300.
After the explosion of BTC on the 6th election day, it took a brief rest, and today on the 10th, it suddenly surged, breaking through 75k at lightning speed, strongly tearing apart the 79k defense line, and launching an attack toward the important round number of 80,000 dollars. However, we did not feel the hustle and bustle of the market. On-chain activity remains quiet. Miner fees have dropped to 3 Satoshis/byte, with an ordinary transfer costing about 0.33 dollars, indicating the inactivity of on-chain transactions.
This resonates with the volume-reduced rise in the candlestick chart. Unlike the significant increase on the 6th with high volume, the sudden rise on the 10th did not have volume. It is a typical volume-reduced rise.
A volume-reduced rise is the most fatal. As long as the bears are not dead, the surges will not stop. Looking back at Bitcoin at the end of 2020, the bears kept shorting with a strong head, exploding and reopening, exploding again and reopening. Bitcoin surged upward, quickly reaching over 50,000 dollars. With a feather fan and a silk scarf, in a conversation, the masts and sails turn to ashes. 80,000 dollars, has the bull market begun? It has begun—if we consider breaking the previous cycle's high as the 'beginning'. 80,000 dollars, has the bull market begun? It has not begun—whether it's market enthusiasm, user activity, the rotation of altcoin sectors, or the liveliness of new investors entering the market, we have yet to see signs of a bull market. From the rainbow chart, BTC is currently still in the undervalued range.
The RSI indicator shows that the overbought condition for BTC has just started.
From the 200-week moving average chart, the market is currently still in a calm period, far from a frenzy.
And the 2-year moving average multiplier band shows that it is still positioned below the mid-track, ready to take off.