BTC attempted to break below the 62,000-point line multiple times during the day yesterday, and also made multiple attempts at the 62,000 support level in the early morning, but the market only broke through temporarily without a complete breakdown. Although it will break below the 62,000-point line, it is now stuck here, going back and forth, which looks quite unpleasant, especially since ETH made a mysterious small rebound today, quickly rebounding from the 2,400-point line it fell to yesterday, and the decline did not accelerate, waiting for a breakdown to open up the next space.
Highlights of the day
BTC
The four-hour consolidation today is expected to break below the 62,000-point line, with support in the 60,600-61,000 range on the four-hour level and support at the 60,000 line on the daily level. The previous low has been tested multiple times without a complete breakdown of the support psychological barrier. On the four-hour level intraday, the resistance zone to watch is 62,600-63,000, and the market can be directly observed for a pullback today.
ETH
On the four-hour level, it rebounded after falling to the 2,400-point line, with the intraday high around 2,475, a small-scale rebound on the four-hour level, just a little bit of a retracement, not a very strong market. Intraday, it can be directly observed for a retest, with the first line of support focused on the 2,380-2,360 area, and the effective support on the daily level is around 2,320.
Market Outlook
After the correction in September, BTC is now in a high-level oscillation adjustment area, and the factors affecting the market will be very diverse, possibly different every day, such as the Middle East war, the A-share market trend, the views of the Fed's top officials, etc. But the trend will not change due to these factors. A real breakthrough in BTC requires a trigger, such as sustained large-scale rate cuts in November or a Trump victory in the US election, which would lead to a straight-line surge. Otherwise, it will still be mainly adjustments. However, we are firm in our outlook for the market in November and December.
Market Hotspots:
1. The platform coin BNB has risen, and the latest launch pool Scroll, with an off-exchange market cap of $10-15 billion. Scroll is an Ethereum Layer 2 developed by a domestic team using zk EVM technology, but the user experience is generally average. The Scroll airdrop snapshot date is set for October 19, with 10 days left to participate.
2. MEME coins like Neiro, Turbo, and BabyDoge have seen increases, all of which are new coins in the billions. Neiro is the standout among them.
3. Small on-chain projects like Moodeng (SOL), SPX, Harry Potter Bitcoin, and Giga have seen significant increases, with the latter three all hitting new highs. Moodeng on the SOL chain has rebounded from the bottom and regained the top position. SPX and Harry Potter Bitcoin are both classic MEME culture projects, with SPX showing obvious change of hands. Overall, MEME projects still have strong upside potential even without contracts being opened.
Whenever the market declines, do you feel that this may be the final bottom and the market will then surge upward?
But in fact, this kind of thinking is more of a psychological comfort, just like people outside always feel that the city is good, but they can't see the difficulties inside. The real market trend, how can it be grasped by just relying on feelings? If the bull market is really coming, why is there no liquidity in the market? Why is the trading volume still so sluggish? The most feared thing is blind guessing, we have to rely on real data to speak. We have to wait until everyone spends money as freely as before the pandemic, with the malls, scenic spots, and big-ticket item sales all heating up, only then can we say that the bull market is truly coming.
So instead of waiting for the bull market every day, it's better to take a closer look at the consumption around you and see what the market is really doing. This way, we can have a clear idea and find the real investment opportunities.
When the market is declining, don't just be afraid, it's actually preparing for the upswing. Many people only know when the bull market comes, but by then, the opportunities have already slipped away.
Follow me to navigate the super bull market!!!
Create a high-quality circle
Spot trading as the main focus
I will share some content: as shown in the following conditions:
Total position ≥ $5,000 If you want to join, scan the QR code below!
That's it for the article, I will do more detailed analysis in the discussion group. If you want to join my circle, please contact me directly, the WeChat below!
Note: If the QR code is invalid, please leave a message in the background
