As expected, when it comes to chart patterns, it's all up to the "yellow-haired guy" (a term referring to someone with bad luck or shady dealings); we're all just porters of price action. After more than ten days of this "door-shaped" market movement, a sudden surge over the weekend sent those heavily invested into a panic. What was bound to happen eventually did! How can a novice possibly understand the patterns in this market? Improving your chart reading, position management, and overall comprehension skills is the key. Only then can you break free from the traps and make your own money!
In the past 24 hours, a total of 78,880 people across the internet have had their positions liquidated, with a total liquidation amount of $186 million. Long positions were liquidated for $42.6429 million, and short positions for $144 million.
BTC
Bitcoin's short-term resistance level is around 93200-93400 ; observe whether it can break through effectively. Support is seen at 89200-88800 ; monitor whether it stabilizes after a pullback. For intermediate price movements, it's recommended to follow right-side signals. If you want to position yourself in advance, you can place pending orders near the aforementioned key support and resistance levels.
ETH
Ethereum's short-term resistance level is around 3190. A successful break above this level could see further resistance at 3370. Support levels are at 3045 and 2990. The overall strategy is consistent with Bitcoin: enter on the right side of the price action, and place buy/sell orders based on the aforementioned key levels.
SOL
Sol's previous price retracement levels remain valid. Current resistance is at 141.6 , with short-term support in the 132-131 range. As long as this support holds, there's still a chance for another upward move; if it breaks, the next support level to watch is around 125 .
BNB
BNB is closely watching the 879 level. If it finds support above this level, the bulls remain strong, and further upside potential could see it reach resistance areas such as 891, 904, and 915. However, if the price retraces and breaks below 879 , a pullback may begin on the 1-2 hour chart, with support levels to watch at 868, 858 , and 847.
$CHZ
I mentioned CHZ last month when it was low. This coin surged during the 2022 World Cup, and its upward trend this year is highly certain. Currently, funds are positioning themselves in advance. The monthly chart is in the bottom range, the price is safe, and the expectation of doubling is clear.
$ZEC, $ZEN, $DASH, $STRK
The privacy coin sector, including ZEC, ZEN, DASH, and STRK, is likely to see another wave of price movement. Their recent weakness is due to ZEC's earlier rebound; after a few days of consolidation, they should regain momentum. The key support level for ZEC is the 430-450 range.
$GIGGLE
GIGGLE recently burned 1,673 tokens, approximately $111,700, half the amount burned in the previous round, but the deflationary pace remains stable. The circulating supply has now reached 994,905, a stark contrast to VCs who generate inflation with each unlock. As Binance's trump card in blockchain warfare, its current market capitalization is still low, suggesting potential future surprises.
$MET
The triple top pattern has appeared, indicating a trend reversal. Open a short position at the current MET price of 0.2823 for potentially substantial profits. Set a stop-loss at 0.296, with an initial target around 0.25. Those with a high risk tolerance can confidently enter the short position.
On-chain
I haven't been monitoring the market for half a month, and the SOL chain's $1 has rebounded from a low of 5 million to 25 million. The new $WOJAK saw a drop of 20 million before recovering a few days later! This might be the difference between playing the on-chain meme on the two chains.
Any investment with a market capitalization of tens of millions can rebound as long as it's not completely dead. Binance's lifeline has become a stablecoin, and Tencent's vulgar investment platform has never returned to a market capitalization of tens of millions.
A bear market puts the basic liquidity of a blockchain to the test. Instead of risking your life playing small-cap stocks with a market value of a few hundred thousand every day, it's better to invest in a few reputable community-based blockchains and trade in waves. You'll earn steadily and without the anxiety!
