The market manipulators are really wicked. They were excited about the rise last week, and now they're helplessly watching the fall. The daily chart has shown seven consecutive days of decline; this wave of drop is almost over. Don't chase the short position if you don't already have one. Even waiting for a small-scale sharp drop and rebound before shorting is fine. When the price reaches a certain level, get in. Unless there's a major news event causing a large one-sided trend, the market will likely remain range-bound, offering opportunities for both long and short positions.
In the past 24 hours, a total of 175,333 people across the internet have had their positions liquidated, with a total liquidation amount of $347 million. Long positions were liquidated for $252 million, and short positions for $95.5085 million.
BTC
Bitcoin's recent drop has been too smooth, with little momentum for a rebound. Looking at the current trend, there are no signs of a bottom yet, and it's highly likely to head straight for the strong support level of 65,000, which is also the low point I predicted earlier. If 65,000 fails to hold, the key level to watch is whether the 65,000-63,000 range can hold.
The 1-hour EMA is currently providing strong resistance, and several small rebounds have failed to break through it. The short-term rebound high is expected to be around this level, roughly above 70,000, which aligns with the chart pattern and liquidation level. Once the rebound reaches this level, short positions can be initiated directly.
ETH
Ethereum completed its short-term downtrend continuation and accelerated its decline. Normally, after a triangle consolidation, there should have been a rebound to lure in buyers, but the news caused a breakout, pushing it all the way to around 2030, where it hit a minor support level.
If it holds, there will be a rebound, with the high point of the rebound basically falling between the EMA moving average and the clearing range, around 2120-2140. The key is to observe whether it can effectively hold above this level. If it rises and then falls back, closing with a long upper shadow, then continue to short with the trend.
$SIREN
SIREN's price surged 30-fold in a month, primarily due to a major player controlling over 88.5% of the tokens, totaling 644 million tokens, worth approximately $1.44 billion. Combined with exchange holdings, this gave them a near monopoly on the spot market. They manipulated the spot market to drive profits in the futures market, a classic example of a one-man show of market manipulation.
BSC's Meme on-chain meme struggles to drive up prices below a million and lacks profitability above that.
The market wasn't great today either. The highest market capitalization was actually the $ hard assets mentioned in CZ's tweet, peaking at only 230,000 and only holding for 5 minutes before crashing. Clearly, regardless of bull or bear markets, the big players are still the bellwethers.
My sword and shield have pulled back to 1 million?
This platform was previously one of the three musketeers of Alpha-driven investment schemes, but unfortunately it fell behind, dropping as low as 200,000. Today, Binance's Instagram account posted a video promoting it, and the price recovered this morning.
There are two possible scenarios: First, BSC's Meme liquidity is too poor, making it difficult for new projects to succeed, and large investors often pump and dump old projects to reap profits. The hashtag #MySwordandShield is a popular meme, meeting the Alpha launch criteria. Second, similar coins like SOL still have high market capitalization, and BSC might use this hype to pump and dump, aiming for a million-dollar market cap in preparation for an exchange listing.
Regardless of the reason, I finally broke even after being stuck for 10 days. For those holding positions, keep an eye on the hourly chart; if a bearish candlestick appears, it's a rare opportunity to break even, so get out while you can!
