Grandpa's check-in day 176
This morning, the market suddenly plunged, with Bitcoin falling below 23,000 and the lowest point below 22,000, falling more than 5 points in an hour. Ethereum also fell to around 1,550. The current market's main reason for this wave of decline is attributed to a series of recent negative factors. One is that the crypto-friendly bank Silvergate is under investigation by regulators. Because its holding company announced the postponement of its annual 10-K report for fiscal year 2022, coupled with rumors that Silvergate was affected by FTX's thunder, its cryptocurrency-related deposits plummeted 68% in the fourth quarter of 2022. Affected by this, its stock price was halved, with a single-day drop of 57.72%.
The second is the frequent regulatory pressure from the SEC recently. According to foreign media reports, on March 3, three senators from the US Senate Banking Committee wrote to Binance, hoping to obtain a complete copy of all Binance and its subsidiaries' balance sheets from 2017 to the present. It seems that the SEC is now trying to extend its claws to the money printing machine of the cryptocurrency circle to collect protection fees. If the big drop is caused by regulation, then in my opinion, there is really no need to worry. "All external negatives are positives." Please understand carefully.
In addition, in my opinion, this wave of decline is the need of the intraday trend. How do you view this wave of market? First of all, the conclusion: within the expected range, the bullish trend is not broken! The support of this wave of decline is 21500, which is the lowest point of the previous wave of daily level correction. According to expectations, if it is corrected to within 22000, it will be the best time to add positions. It is currently at this price. At this position, you can enter the market, but according to past experience, it is effective to enter the market after the second bottom is formed at the hourly level. Risk, because if this position falls further and falls below 21500, the upward trend will be destroyed, so in the short term, I recommend waiting for the second bottom or entering the market in batches.
Sometimes, investment requires the courage to go against the trend. Under the influence of the 25,000-point fomo sentiment, it is easy to impulsively chase high prices. There are also people who buy at the bottom during the callback process. Now that it has fallen to the right level, they dare not move. This wave of decline this morning caused a liquidation of nearly 160 million US dollars across the network. This wave digested the high-level longs, so it may become the fuel for the market to continue to rise. Although it is in a bear market now, it should be known that the current BTC price has only increased by 30% from 17,000, and the risk of chasing now is not great. As for the altcoins, they are for high returns. If you don’t know how to play, don’t chase them easily. For this opportunity to buy at the bottom, I continue to list three different echelons of buying at the bottom for friends in the VIP group, hoping to win a few more coins like GMX, IMX, LQTY, MAGIC, NFTB, etc.
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