Without altcoins, the crypto is soulless. Retail investors come in not to hedge against BTC's risks, but for the 100x or 1000x volatility of altcoins. A daily fluctuation of ±50% is the key to success in the crypto. Now, even 10% volatility is gone; funds appear to be withdrawing, but in reality, no one is willing to buy.
The logic is simple: ① If altcoins don't gain traction, retail investors won't come; ② If retail investors don't come, the market lacks momentum; ③ A blockchain without popularity is just code. If there's never an altcoin boom, the crypto will slowly degenerate into a "digital safe haven market."
On the surface, it's not actually that bad.
Let's take a look at today's market situation: #BTC broke below the 4-hour consolidation zone and retraced to the support level around 87600; #ETH, although frustrating, was pulled back after breaking below the consolidation zone and is still stronger than BTC overall. The problem is: with BTC weak, it will be difficult for Ethereum to strengthen independently.
The downtrend hasn't stopped yet. Those who are bearish can exit, and those who are bullish can hold on and accept the volatility. ETH has broken through the neckline and is currently undergoing a second pullback: – The first pullback reached a low of 2910; – It is still near the neckline, and the bottoming signal is unclear; – The MACD bullish trend has been broken, but one pullback is not enough, and more candlestick confirmation is needed.
The emotions these past few days have been even more panicked than after October 11th. After the black swan event, everyone was waiting for a rebound; but as soon as the rebound reached the downtrend line, it was pushed back down—slow rises and fast falls, it's all very real.
My conclusion is simple: as long as it doesn't fall below 2623, the trend hasn't reversed. Patience is more important than judgment.
The opportunity will be gone in the blink of an eye, everyone gather quickly!
Don't let hesitation delay the best opportunity to make money, and don't get burned by worthless cryptocurrencies. Follow Sister Miao and have a prosperous New Year!
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