Bitcoin was dragged down by the US stock market last night, falling to a low of around $85,000. The $90,000 mark, which had held for several days, was finally broken. It is currently hovering around $86,000, and there are no support signals on the 4-hour chart.
This week will be the most important week. Tonight is the non-farm payrolls report, and the 19th is Japan's interest rate hike day. So there will be a lot of volatility this week. After this week, the panic will gradually dissipate, and the real rebound will be delayed until January.
The only thing we can do right now is to reduce leverage and mitigate risk in order to survive.
BTC
Those who short at the resistance level I gave yesterday have already made a profit of nearly 4000 points. The current strategy can be changed to shorting on rallies and not going long on dips. If you want to go long, don't hold long positions.
From a daily chart perspective, BTC has broken below 89,000, finding support at the trendline. The MACD death cross, indicating a potential for further pullback. The overall trend remains downward, and any rebound could present an opportunity to short. Consider short near 88,000, holding if it breaks below the previous low.
On the 1-hour chart, BTC has not fallen below 85,000. Judging from the sentiment indicator, it is around 11. If the data retraces in the next two days, you can buy in batches. It is recommended to buy at 83,000 and add three layers for every 1,000 points it drops.
ETH
ETH's daily chart shows the lower Bollinger Band opening downwards, gradually creating space for further declines. The middle Bollinger Band provides resistance around 3070. On the 4-hour chart, the price is being pushed lower by the lower Bollinger Band, with the middle Bollinger Band also providing resistance around 3070. On the hourly chart, all three Bollinger Bands are expanding and trending downwards.
(1) In the short term, ETH is expected to fluctuate narrowly between 2977 and 2914. It is advisable to observe the K-line trend more closely and wait for the market to clearly break out before entering the market.
(2) Participate in the high-altitude movement around 3000 and 3070, with yesterday's high of 3170 as the defense. The support below is at 2900, 2800 and 2700. The target for the short-term movement is 2500!
ASTER
ASTER 1.2 and 1.3 are the concentrated ranges where the project team asked KOLs to post articles. Looking at them now, you will find that they are also the top range where the project team distributed their shares. You can consider taking profits when short ASTER around 0.8, because according to the data, some people are chasing short ASTER between 0.9 and 0.8. At this time, unless the market breaks out of the downtrend, those who chase shorting can only make money. Otherwise, those who chase shorting or going long in a volatile market will just be tormented.
MAGMA
Total supply: 1 billion, initial circulating supply: 19%, pre-market price: 0.11, pool price: 0.1, corresponding to a circulating market capitalization of 19 million and a FDV of 100 million.
Positive factors: 1. 1VL 25M, nominally the fourth largest DEX protocol on SUI. 2. VCs like HashKey and SevenX are relatively well-known. 3. There's no news about a community airdrop yet; strong control is expected in the current situation. 4. Sentiment is extremely positive; a surge at the open is foreseeable. 100M FDV isn't considered high given the current sentiment.
Negative factors: 1. The founder previously worked as a real estate agent and hasn't posted any project-related tweets. 2. The funding round is too recent, this month alone. 3. 24-hour protocol revenue of only $55 is too low; based on TVL and protocol revenue valuation, the market capitalization will be dismal. 4. Regarding the airdrop, there will eventually be an airdrop, but it hasn't been announced yet.
Pay attention to the Official Twitter the 10% airdrop. Considering the recent sentiment surrounding new coins and the high levels of control before the market opens, the current circulating market capitalization of 19 million is barely acceptable. It might be worthwhile to take advantage of the opening price, as the current market capitalization doesn't offer any advantage.
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