In the past 24 hours, a total of 184,439 people worldwide have had their accounts liquidated, with a total liquidation amount of $601 million! Since last Friday, the market has only fallen and not risen in the evening. Any long positions with a larger position have basically lost everything after a good night's sleep. The recent turning point was the failure to recover the key level last night. North America saw a continuous sell-off, breaking through the support level. At this moment, the bears are undoubtedly strong.
Currently, we are patiently waiting for the market to consolidate and digest the panic selling pressure from the early morning. If the price drops during the day as long as the volume decreases, that's the time for us to add to our positions, lower our average price, and try to recover our losses or make a small profit by buying on the rebound. Stay calm and don't add to our positions if the price doesn't drop!
BTC
After rebounding from $14,000, BTC began a second bottom test. This morning, it closed with a large bearish candlestick with upper and lower shadows, marking its fourth consecutive day of decline. The MACD shows increasing bearish momentum, the KDJ indicator has turned downwards from a high level and formed a death cross, continuing its downward trend, and the RSI has also turned downwards. The overall trend clearly indicates that the bears have the upper hand.
1) Short-term support levels are 83110-815701 (monitor the market closely), with the second support level at 78830-77090.
2) The hourly chart's middle band resistance is around 87,000, the 4-hour chart's middle band resistance is around 88,800, and the daily chart's middle band resistance is around 90,000. Therefore , this undoubtedly presents a good entry point for shorting in batches.
3) There are many news events this week: Japan's interest rate hike and Thursday's CPI data. These news events may cause another wave of selling to around 82k. Consider buying the dip around 80-82k with a stop-loss buy the dips.
ETH
ETH's daily chart shows the lower Bollinger Band opening downwards, gradually creating space for further declines. The middle Bollinger Band provides resistance around 3070. On the 4-hour chart, the price is being pushed lower by the lower Bollinger Band, with the middle Bollinger Band also providing resistance around 3070. On the hourly chart, all three Bollinger Bands are expanding and trending downwards.
(1) In the short term, ETH is expected to fluctuate narrowly between 2977 and 2914. It is advisable to observe the K-line trend more closely and wait for the market to clearly break out before entering the market.
(2) Participate in the high-altitude movement around 3000 and 3070, with yesterday's high of 3170 as the defense. The support below is at 2900, 2800 and 2700. The target for the short-term movement is 2500!
The non-farm payroll data will be released tonight at 21:30, and price spikes are inevitable. If your orders haven't been filled before the non-farm payroll data release, cancel them promptly. Conversely, if you do fill your orders, exit them quickly. Be wary of potential losses due to malicious price spikes during the non-farm payroll data release.
RATS
From a daily chart perspective, it has been stronger than many other cryptocurrencies recently, with three consecutive positive candlesticks forming a W-bottom pattern. The MACD has also rebounded and crossed above the zero line, indicating a strengthening trend. It is expected to fill the upper wick and then test the 0.00005 resistance level. If it retraces to around 0.000035 in the short term, those who like to trade in waves can buy the buy the dips stock and take profits around 0.00005.
MERL
It rose 17% in 24 hours, briefly surging to $0.48, and is now fluctuating between $0.46 and $0.47. This is clearly a case of market manipulators artificially inflating prices during a period of low liquidity to lure in more buyers. It will most likely follow the classic pattern of "expected selling pressure → slow bottoming → panic selling" next.
I am personally bearish on MERL and suggest shorting it directly around 0.46-0.48. Don't wait for it to form another large green candle to lure in the last batch of bulls. The short-term target is below 0.4, and a drop to 0.35 is quite possible.
ASTER
ASTER dipped to 0.765 and then rebounded, which is exactly at the 0.618 Fibonacci retracement level. However, this is somewhat subjective; if you include the high of the opening dip, the 0.618 Fibonacci retracement level wouldn't be $0.765. When considering the potential for a pullback, the opening dip isn't very meaningful, so I won't connect it. Currently, it looks like it's forming a descending wedge? Whether the bottom is valid remains to be seen, and adjustments will be made as needed. For those who haven't bought in yet, don't rush; wait to buy CZ at the bottom.
FOLKS
FOLKS can go from heaven to hell in an instant. It surges and then starts a steady decline. Many new futures contracts are now behaving this way. Actually, when the top appears, you can short it with low leverage for the long term. The returns can be very high! The important thing is that you can hold it!
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