In the past 24 hours, 93,661 people worldwide have had their accounts liquidated, with a total liquidation amount of $259 million! We've seen countless rallies in the early morning of Monday, but previously we failed to effectively break through Friday's high. Now, most of the price action has reached a resistance level, breaking out of the range and escaping the clutches of the trading range, so the bullish trend should continue.
The key focus today is when the upward momentum will stop, whether there will be a shorting opportunity due to a double top pattern, or whether it will consolidate at high levels and continue its upward surge in the North American session later tonight. These questions need time to answer! Short is not recommended for beginners; instead, consider buying on dips.
BTC
BTC closed with a solid positive candle this morning, marking its fourth consecutive day of gains. It broke through 93,300 this morning and is currently challenging the resistance level of 94,000. There has not yet been a structural breakout on the daily chart. The strategy remains to profit from the rebound, and we should take profits in batches and adjust the stop loss accordingly.
(1) Resistance level: 93500-94200. Open a short position with a small position near 94200 and stop loss at 94800. If there is no pullback after the breakout, you can take profit on 50% of the position. The rest can be stopped out at the original price or at 94800. In the end, you will not lose money.
(2) You can enter the market to long when the price retraces to 0.382 or 15 minutes. From the 1st to today, the buying pressure has been stronger than the selling pressure during the day. Therefore, the retracement after reaching a high point during the day is not large. The normal retracement usually occurs in the middle of the night, between 3 and 5 o'clock. You can place a small order to go long in the middle of the night.
(3) This week, we should focus on buying low first, and only when it goes up to the 100,000 mark should we consider selling high.
ETH
ETH has now fully broken out of its downtrend channel, reaching a high of around 3220. If it fails to break through the resistance level today, a short-term pullback is expected. This minor intraday pullback shouldn't be a major concern; those trading contracts should focus on intraday support levels.
Ethereum's support levels to watch are 3060 and 3130. This week, the strategy is to buy on dips and be bullish. Resistance levels to watch are 3200, 3270, and 3330.
PEPE
The weekly chart closed with a large green candle, indicating strong momentum, but don't get too excited yet. Historically, when the weekly chart first touches the Proof of Constellation (POC), there's about a 70% probability of a pullback. Currently, it looks more like we're in the first wave of the weekly chart.
The Proof-of-Cap (POC) area will simultaneously experience: trapped investors unwinding their positions, short-term funds taking profits, and panic selling by FOMO-driven buyers chasing high prices. The second wave pullback is a necessary shakeout process; without clearing out the floating shares above the POC, the subsequent third wave will be difficult to execute smoothly.
PENGU
In the MEME market, PEPE is leading the charge, and PENGU is expected to follow suit. The structure shows a clear three-wave pattern, with the fourth wave currently in a correction phase. The third wave has been confirmed by trading volume. Currently, PENGU has high trading volume but not a significant price increase, indicating a strong upward move. The outlook for the future is positive.
FET
FET has fallen from its peak of 3.48 in April last year to 0.1130. Since New Year's Day, it has been rising by more than 12% every day. It is currently in the process of a weekly rebound. Spot prices can be pushed up, with a target of 0.3850-0.4450.
AAVE
AAVE's ETH deposits on the Ethereum mainnet have reached a new all-time high, surpassing 3 million ETH and steadily approaching the 4 million target. AAVE has created significant native demand for ETH, while the influx of ETH has enhanced AAVE's revenue generation capabilities, creating a win-win situation. Is $AAVE currently offering excellent value for money?
HAPPY-SCI
He Yi's donation project gained traction yesterday. After the first round of correction, most of the profit-taking has been cleared out. The donations generated by the project are now worth $200,000. I feel that He Yi will respond with an explanation. Thanks, the profit-loss ratio is still acceptable. I bought some $HAPPY-SCI shares at 1.4m.
Binance Life
I bought some Binance Life spot shares and have been holding them, betting on its spot listing. Now the market has recovered, and Binance Life has broken out of its consolidation range. Shouldn't the top two spot traders step up their game? I'm hoping to make some money for the New Year by listing Binance Life spot!
Market conditions change rapidly; entry and exit points should be determined based on real-time market conditions. Follow the trend after a breakout! Regardless of your confidence level, strictly adhere to stop-loss and take-profit strategies! That's all for today! Follow me and you won't get lost! Every market crash is followed by a golden opportunity. If you're unsure about your future market strategy, follow Sweet Dream on WeChat: RFGH8689
