BTC plunges to $62,000 and rebounds quickly!
The pullback is about 50% of the $52,500-$66,500 rally, and it has regained its footing. In the short term, it will continue the previous upward trend, and we'll see how far it can go. The medium and long-term outlook remains unchanged. Currently, BTC is seeing a volume-driven decline on the 4-hour chart, with the expected pullback around $63,000. It is suggested to closely monitor the trend and be cautious about shorting, waiting for the right opportunity to enter.
With only about three weeks left until the US election, it will be a key factor affecting Bitcoin.
The hype around MEME coins in the market is still ongoing! Typically, meme coins tend to rise along with BTC. In addition to PEPE, FLOKI, and WIF, GME, BOME, and SLERF have also made it to the top gainers. As popular meme coins continue to rise steadily, the prospects for these coins are promising.
BOME
The recent rally has pushed it to break out of a long-term descending triangle pattern and cross the key reversal area of $0.0076 to $0.0080, showing strong bullish sentiment. Although a double bottom pattern is being validated, there may be a slight pullback to $0.0085 in the short term.
With increasing trading volume, BOME is expected to reclaim the key $0.01124 to $0.01155 zone. If it breaks above the August highs, BOME's price is expected to remain strong for the rest of 2024 and could reach over $0.15 by the end of the year.
GME
GME has been consolidating throughout September, and although the bearish trend has suppressed the upside potential, a successful bullish breakout has pushed it out of the around $0.003 consolidation range. The recent rally has taken the price above the key resistance area, and the bears have started to take profits. However, as long as the RSI remains above the uptrend line, GME's bullish momentum may continue.
Currently, GME's price is facing strong resistance and support areas, but the bulls are gathering strength to push the price higher. If the next wave of uptrend arrives, GME could rise to around $0.0065 and potentially reach $0.01 by the end of the year.
SLERF
It has surged over 75% since the October low, indicating significant volatility in the second half of this month. Although the price has encountered some pullback at the mid-level, the $0.022 support level provides a solid foundation and is expected to prevent further downside.
The short-term stochastic RSI is approaching the overbought level, and the recent rebound indicates that SLERF is still in a strong uptrend, with the potential to reach the $0.2523 target. Once it breaks above this key zone, it may confirm the start of a bull market, and SLERF could even set a new all-time high (ATH) in the coming days.
In the crypto world, "selling" is the most difficult part.
The difficulty lies not in the selling technique, but in the reluctance to let go of the existing profits and the greed for more gains. Those who have not experienced a complete bull-bear cycle find it hard to truly understand this.
For example, during a bull market, your assets may have grown to tens of millions, but then you wake up to find them dropped to $7 million. Should you sell or not? Newcomers generally won't sell, feeling that they have "lost" $3 million. But experienced veterans will choose to sell, because they value the $7 million they have earned, and the "lost" $3 million is just giving back to the gods.
Many people join groups, and whenever the group's mood is high, it's often a signal to sell. This is a very effective sell indicator - when most people are excitedly making money, that's the time you should withdraw.
But don't expect to use the same method to buy the dips, as the emotions of fear and loss are difficult to quantify precisely, and a 10%, 20%, or 50% drop may all look similar.
That's it for today's article. Currently in a bull market, with turbulent conditions, we have daily crypto updates to share. If you don't know how to navigate a bull market, feel free to follow us, as we can provide spot market insights and layout strategies for free.
