The cryptocurrency market is unpredictable, with bull and bear cycles being the norm. There is no need to be overly joyous about a sudden price surge, nor anxious about a short-term price drop. Stick to a rational mindset, deepen your understanding of value, filter out market noise, endure the loneliness of waiting, withstand the test of volatility, and live on the trading floor. Only then can you catch the compound interest and opportunities that time offers. Steady and slow perseverance will ultimately help you transcend cycles and encounter your own moments of brilliance. Looking back at the early morning period, there were no significant fluctuations in the market, and trading was quite quiet. The entire market was in a “rest and recuperation” phase after a sharp decline, until it began to show some movement later in the night. Bitcoin fell from 89553 to a low point and then slowly climbed back to 91338, after which it slightly retraced and stabilized around 90200; the altcoin followed Bitcoin's rhythm, hitting a low of 3066 before surging over 100 points to 3152, but it couldn't hold and retraced to hover around 3110. The current market is in a brief retracement and consolidation phase, but the downward momentum has weakened. Observing from the four-hour level, the price is currently operating above the middle band of the Bollinger Bands, with multiple tests of the middle band failing to form an effective breakthrough, indicating a clear lack of bearish momentum at this position. This suggests that the short-term pullback is more of a technical repair, with the potential for further stabilization and rebound. On the hourly level, the price is gradually forming a W-bottom pattern and is currently in the neck line position under pressure and retracing. It is expected that after touching the support below, the market may end the consolidation and start a new round of bullish trend. In terms of operation, one can wait for the price to fall to the key support area in the morning before choosing the right time to enter long positions.
Operation Suggestions:
Bitcoin: Around 89500, target at 93000
Altcoin: Around 3050, target at 3400
