Today's market analysis
As expected last Saturday, BTC reached 58k after two days of negative decline over the weekend. This decline also directly depressed the market sentiment again. Most people think that the market will continue to fall, even lower than the last time. Here I can give you confidence that the probability of returning to 55k in the short term is very low, so don't worry too much. The subsequent market will mainly be volatile, and the trading of short-term contracts will become simple. You can enter the market at a suitable position and trade within the expected profit space. It will take another period of time to wear people's minds. Moreover, the long positions on the chain have basically been liquidated. The big drop at this time is meaningless. Looking back at the large retracements in March and August, they were all because there were too many long positions accumulated on the chain, so there was a retracement of more than 25%, in order to liquidate the leveraged positions.
Intraday pressure and support levels
BTC pressure level 59200/60300 support level 58000/57200
ETH pressure level 2600/2650 support level 2550/2500
Spot sector analysis and recommendation
Last week's article also mentioned that when the market returns to 58k, medium and long-term positions will be bottomed out, including eth, sol, aave, link, not. At present, the market rebound has a slight profit. Although not much, it can be seen that the buying power at 58k is still relatively strong. Even if the current market sentiment is low, there is no way to stop the buying sentiment of large investors and institutions. Basically, every decline is like this. Retail investors in the market are always in panic, while large investors and institutions are buying frantically. However, it is also good that the more concentrated the chips are, the higher they are. When the market falls sharply and emotions are exhausted, it is often a good time to bottom out. When the market hits the bottom and rebounds, a strong big positive line appears first, followed by three or more small positive lines or cross stars, gradually climbing up, forming a stable upward trend. This pattern indicates that there is huge potential for future growth and is a signal to enter the market decisively. If a strong trend of heavy volume and daily limit suddenly appears at the bottom of the market, it is not only a major turning point in market sentiment, but also an excellent opportunity for short-term or swing traders to rush to buy.
In the current market, there is an opportunity to lay out the copycat swing
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