The recent market downturn and widespread panic among retail investors have put BTC in a mid-term pullback phase, with prices breaking through key support levels and hitting new lows. Early yesterday morning, BTC touched a low of 93,000, while ETH also touched the 3,000 mark. The market remains pessimistic, with many even predicting BTC will fall to 70,000. This pessimistic sentiment is putting immense pressure on investors.
The key question now is whether this pullback has bottomed out, and whether it will continue to test lower levels.
From a daily chart perspective, BTC rebounded after breaking down, finding support at 93,000 points in the short term. This week, we'll focus on the rebound, paying close attention to the 98,000-100,000 point range. Only a firm return above 100,000 points will likely lead to a recovery in market sentiment.
ETH touched the 3000-point bottom yesterday. As mentioned before, there was a possibility of a false break below 3000 points and a drop to around 2960 points. Fortunately, the price rebounded after bottoming out at 3000 points. This week, we will also focus on the rebound trend, paying close attention to the 3470-3500 point range.
If ETH can break through and hold above this range, it can continue to strengthen; if it fails to hold, it will likely continue to fluctuate in the short term.
The more severe the bear market, the more volatile the market becomes. ZEC pulled back its price in just a few days, leaving the short sellers speechless.
I've been recommending Resolv for a long time, and the reason is simple: once the market value drops below 20 million, it basically can't fall any further, so that's why the market is being pumped up.
Buy the dips in the secondary market will have to wait until BTC drops below 80,000. For now, put newly launched Altcoin with low market capitalization, such as NEWT and SOPH, on your watchlist.
I'm still holding PING in the primary market, but judging from the current trend, it's likely to undergo a significant correction, so I won't be paying attention to it in the short term.
Today's hot topics:
Legendary trader "Dove" is bullish on UNI. He believes the market has largely sold off its holdings, and if a rebound begins, UNI will definitely lead the charge. After all, it has three advantages: the significant positive impact of "fee conversion," prior investment without sufficient funds, and a price bottom. He's betting on this scenario to materialize, but if UNI falls below 6.5, it means he's misjudged the market, and he'll immediately cut his losses.
The short-term target is 10, and the long-term target is 18-20.
bananas31: This coin, bananas31, is at the top of the gainers list again. This coin always seems to be a trap, rising for a while and then likely falling back down. So, wait for it to rise to the 0.005-0.0052 range and then short it.
