Bitcoin has failed to reach $90,000 in the past four hours. It finally managed to push the price up to $90,000 after the US stock market opened last night, but it didn't hold for more than a few minutes before another sharp drop. Over the past month, Bitcoin's price movement has been heavily manipulated, with candlestick charts drawn arbitrarily.
The final panic of the month will come tomorrow. If there is no significant drop this week after the Bank of Japan announces an interest rate hike, the decline will stop and then the market will start to fluctuate and adjust again.
BTC
BTC has shown signs of bottoming out on a minor timeframe, possibly forming a W-shaped bottom. The support level in the 8.5-8.6w range is quite strong, having failed to break through several times. Therefore, it is advisable to enter a long position at the current price of 8.68-8.6 to capitalize on the rebound.
The first high point to watch for the rebound is 88,000, and the second target is 90,000. However, the overall trend is still downward. The plan is to take advantage of the rebound and then go short after it goes up.
ETH
ETH is trending weakly. The daily MACD shows a bullish divergence, which could lead to a rebound. After the short-term consolidation ends, there is a high probability of an upward surge. Therefore, short now is not cost-effective. You can enter a long position at the current price of 2830-2800 to long of the rebound. The upper limit is expected to be in the 2930-2960 range. Once the price rebounds to this level, you can short the long position and then go short.
CFX
If CFX falls further, POS staking nodes will have to shut down. I previously suggested adding to positions around 0.07, but now the momentum is weak, the market is unstable, and the recent price movements of $BTC and $ETH are indeed ugly. Other altcoins are struggling to gain momentum. If it continues to fall, it will be a critical point. Holding spot for investment is a good option, especially since Conflux has a reliable team.
ASTER
This week, nearly 200 million worth of tokens were unlocked, all of which are to be sold to retail investors. Just look at the candlestick chart ($GIGGLE) and you'll understand their manipulation tactics! They wait until retail investors can't buy anymore before they start accumulating, and then CZ (Central Bank) makes another purchase! Retail investors will get excited again, and the cycle of harvesting continues! You can't outlast these manipulators in terms of patience! The best way is not to buy in and let them play their games!
Binance Life
Binance Life shows very clear signs of manipulation. After hitting a new low in November, Binance Life entered a month-long period of sideways trading. This sideways movement is definitely the result of accumulation. Without support, you would be seeing a similar 45-degree angle drop as before. With the resurgence of BTC, Binance Life needs a Chinese spot market to lead a new wave of price movements.
The market is constantly changing, and specific entry and exit points should be determined based on real-time conditions. Follow the trend after a breakout! No matter how high your confidence level, please strictly adhere to your stop-loss and take-profit strategies! That's all for today! Follow me so you don't get lost! ( Add me on QQ: 3958133807 with a note, and I'll add you to my learning and discussion group.)
