Regarding the future trend of BTC, although it is still in an upward channel, the pattern formed by the short-term highs is a bearish signal. From a structural perspective, it presents a small five-wave pattern: waves 1 and 3 are upward waves, and waves 2 and 4 are corrective waves. The highs of waves 1 and 3 have already appeared, and only the final high of wave 5 is missing; wave 4 is currently in a corrective phase, and the expected low is in the 7.6-7.65 million range. After the pullback reaches this level, it will accelerate upwards again.
If this wedge pattern completes, the high point for BTC will likely be between 80,000 and 81,000: In a normal upward trend, the high point is around 80,000; if the wedge pattern ends, the final high point will slightly exceed the upper trendline, around 80,600, after which the price will begin to fall.
Pay close attention to the 7.6-7.65 range during the fourth wave pullback. As long as this level holds, the pattern is valid, and another high is expected. Adjust your trading strategy based on the pattern's development; accurate predictions can lead to profits in both long and short positions.
ETH is currently consolidating within a large triangle pattern and is currently retracing. It will most likely fall to around 2300 and stabilize before rebounding. Resistance is around 2400, and there's a chance for a false breakout to lure in more buyers. However, this triangle pattern will most likely eventually break down.
A sustained upward trend typically forms an ascending triangle pattern. ETH is currently in a symmetrical triangle at a high level, and given the overall weak market performance, it's unlikely to continue rising. Unless there's a strong rebound, there's a high probability of a breakdown and downward movement. We'll have to wait and see how the market actually moves.
$MAGMA: The project has updated to version 2.0, the first AI-powered automated market maker mechanism on the Sui public chain. It boasts fast response times, zero price discrepancies, and significantly better liquidity than the older model. The price has consistently traded above the Bollinger Band's middle line, with the MACD showing a brief weakening, but the overall upward trend remains unchanged. Support is at 0.170, and resistance is at 0.214 and 0.253. As a small-cap AI coin, it's advisable to participate in the rebound with a small position.
$PENGU: A 25% surge in a week, with a single day's trading volume reaching $246 million, indicates significant capital inflow and has ended a prolonged decline. Indicators are showing positive signals, suggesting a high probability of a market recovery and reversal. New cards are being launched, games are continuously being updated, and there are further positive news related to NFTs. Large investors hold a concentrated amount of tokens, indicating market manipulation and potential for further short-term gains. However, there are many trapped investors above, so avoid chasing the price higher. The key resistance level is 0.0125.
$SPK: A single-day surge of over 70% has attracted significant capital inflows following the launch of its new version, with the total locked-up value exceeding 4.5 billion. Short-term price increases are likely to lead to a pullback; watch the 0.04 support level. Long-term, there is still potential for further gains.
The market is constantly changing, and specific entry and exit points should be determined based on real-time conditions. Follow the trend after a breakout! No matter how high your confidence level, please strictly adhere to your stop-loss and take-profit strategies! That's all for today! Follow me so you don't get lost! QQ: 2178747366, QQ: 3530882667 (Add me with a note, and I'll add you to our learning and discussion group).
