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Bitcoin 100,000 false breakthrough! After the Altcoin plummeted, which currencies will usher in a big rebound?
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Yesterday, it was mentioned that the big pie might be a false breakout, and the result was that the 100,000 mark was not stabilized, and it quickly retreated, with the price falling below 91,000 at one point, a drop of more than 13,000 points. Altcoins also fell, with the minimum price of Ethereum contracts falling to around 3,600. The funding rate yesterday was indeed too high, especially when Bitcoin broke through 100,000, many investors had a "FOMO" mentality and rushed to chase the rising trend and go long. According to the liquidation data, the amount of Bitcoin liquidation exceeded 500 million, accounting for half of the total liquidation amount. So this pullback is obviously aimed at Bitcoin.
There is a coincidence that when Bitcoin fell below 50,000 on August 5th, a similar situation occurred. This breakthrough of 100,000 also happened on the 5th, exactly 4 months later. Another time node to note is that Bitcoin bottomed out on March 12, 2020, and around March 12 this year was also the day when Bitcoin reached a stage high, so these time nodes are worth noting.
According to historical data, after experiencing large-scale liquidation, it actually enters a relatively safe stage. In the past, I have also worried that Altcoins will plummet after the big pie is pierced, but historical experience tells me that this subjective feeling is often inaccurate. The market trend is always contrary to human nature, just like the best buying opportunity is at 8 o'clock in the morning when the market closes, rather than selling out of panic.
From the perspective of form, there is a coin worth focusing on now, that is CYBER, its trend is also very strong. If you like the strategy of small investment and large return, you can pay attention to BADGER and BAKE, these two coins have not yet had a large rebound, you can hold them patiently.
In addition, WLD has also performed well recently, driving the rebound of the AI sector. Currently, GRT has not yet shown an accelerated daily K-line, if there are signs of acceleration in the future, you can lay in wait. GRT is also a variety I recommended before.
After yesterday's piercing trend, Ethereum may rush to the 4,000 integer mark today. Some coins in the Ethereum ecosystem, such as ENS, have also been consolidating in the past few days, and you can consider laying in wait.
The current Ethereum price is around 4,000, and the bearish force is also gradually accumulating. In the next few days, Ethereum may take over Bitcoin and continue to attack higher targets! However, after the rebound, we also need to pay attention to the piercing trend of Altcoins, especially in the 15th to 20th. Remember that around April 18, 2021 and May 19, the risk of Altcoins will be relatively high, so be extra careful in the second half of the month.
The non-farm data will be released at 9:30 tonight, which is expected to cause relatively large fluctuations. If the market retreats, you can consider entering the market, especially Bitcoin, 90,000 below should be a relatively stable bottom in the near future.
Finally, there are actually a lot of things that haven't been written in, such as specific opportunities and specific decisions, which are often not something that can be summarized in an article.
If you want to know more about the wealth code, or if you have any doubts, follow the public account: Caijing Dongchen.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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