Golden opportunity after Bitcoin plunge! Can the bull market continue to write legends? You must know these doubled coins!
From the fundamentals of Bitcoin: the weekly chart shows a trend of large fluctuations. The competition between bulls and bears last week was extremely fierce, and the bears finally took the advantage. On the daily chart yesterday, although a small positive line was formed, the price was still below the 5-day moving average, indicating that the market may still be in a rebound repair stage in the short term. It is worth noting that around 60,000 is considered to be the bottom range of this round. If the price tests this range again, it will be an excellent entry opportunity for new investors.
In terms of resistance levels, the key resistances are around 72,700 and 75,200 respectively. If the market chooses to break through these resistance levels upward, the bull market pattern of Bitcoin is expected to continue. For new traders, it is recommended to build positions in batches in the 60000-61000 range or the 51500-51700 range to diversify risks and capture potential rising opportunities.
Unlike Bitcoin, the market performance of Ethereum (ETH) shows a certain reluctance to sell. The current ETH wallet balance is 12,168,995.60, which has decreased by 6995.46 in the past 24 hours. This trend shows that investors are relatively cautious about holding Ethereum or expect its price to rise further.
From the fundamentals of Ethereum: the price has fallen to near the 120-day moving average and the May moving average, but it remains above the 120-day moving average. In the short term, the market may test the bottom support again. If the price confirms the bottom support again, it will be a good entry point. It is expected that the current stage bottom may be formed near 2852, and then the market will have a strong demand for oversold rebound.
For new Ethereum traders, it is recommended to open positions in the 3060-3070 range or the 2850-2860 range to capture its potential upside.
In addition, we also need to pay attention to the overall market sentiment and capital flows. Bitcoin rebounded quickly after a flash crash due to geopolitical issues over the weekend and is currently sprinting back above the key support level. The good news is that sentiment is improving, and the price has effectively stabilized above 64,000 after the decline, and the monthly support has not been broken. However, the bad news is that the key support has moved down, and the support range below the short-term market has moved down, which is not conducive to the stabilization of the price after the rebound.
In terms of short-term rebound, the resistance level is 68,500. If the price can break through and hold this position, it will return to the upper track of the daily Bollinger Band, and the resistance will become support, which is conducive to further price rebound. However, breaking through this position requires facing the double obstacles of the weekly EMA7 and the daily Bollinger Band midline, so we need to pay close attention to the rebound breakthrough.
If the breakthrough fails and continues to fall, the effective support below is 64,600 and 61,200. Among them, 64,600 is the key monthly support level, which is more important for the overall price; and 61,200 is the gold support level, which can be used as a reference position for support rebound after a short-term rapid decline.
At present, Bitcoin rebounded, and altcoins followed suit, but the rise may not be sustainable. The current rebound can be regarded as an oversold rebound after a short-term rapid decline.
In terms of spot: The US stock market is expected to be relatively weak on Monday night, especially in the early morning! The market suggests that you can choose to enter the market after 6 o'clock tomorrow morning! First of all, the buying power in the Asian session has been strong in the recent market. Secondly, the BTC ETH ETF in Hong Kong has been approved, and there is a probability that it will start trading tomorrow [mainstream choices are BTC and ETH, and altcoins can choose ETHFI ENA stx] I will promptly: →《牛市先锋核心队》
