In the last 24 hours, a total of 103,836 people worldwide were liquidated, with a total liquidation amount of $265 million! Last night, BTC dropped to 89200 and immediately rebounded. Today, being Friday, the volatility is likely to increase. Those with bottom positions should continue to secure their capital and hold on. Today, keep pushing hard against the sharks.
The daily market has basically come to a pause this week, ending with a doji on the weekly chart. Therefore, the remaining time needs to consolidate, and this consolidation action is preparing for a slight stretch next week. So currently, this is a relatively good opportunity.
BTC
Bitcoin rebounded again after a drop yesterday, continuing to fluctuate sideways. Currently, the 400 million funds that surged at 3-4 AM have all fled. Generally, after fleeing, it will still hit a few needles back and forth, with the needle positions at 926--935.
BTC has been consolidating for almost 3 weeks, and the range of consolidation is getting smaller and smaller. The entire consolidation pattern is nearing its end, and the direction will be determined at the latest next week, leaning towards an ascending triangle. The condition for establishment is breaking through the 93-94 resistance level, and as long as it does not fall below 87600, it is still a perfect bullish structure, targeting around 99000 as important support and resistance.
--Upper pressure zone 98000-100500, quality shorting area
--Lower support zone 83700-86600, quality buying area
ETH
From the daily chart perspective, Ethereum's recent performance is stronger than Bitcoin, showing a W-bottom trend overall. The K-line has broken through MA30, and its MACD indicator shows signs of rising above the zero axis. Once it stands on the zero axis, it will continue to challenge 3400-3500. If ETH can still pull back to around 3000 in the short term, those who like to trade in waves can buy the dip in the spot market and gradually exit near 3400 and above.
TRUTH
TRUTH is a typical shell coin, which started to decline sharply when it was first launched, then quickly rose to unload, and then began to go down! Is it going to start the previous routine again? For such coins, as long as the price rises, it is one of the opportunities to short!
$42
Small market cap, high control. Market makers are = pushing the price up. I have a basket of such altcoins waiting in ambush, not afraid of public release, but afraid the dog dealer sees it and doesn’t push it. Such altcoins are very cost-effective, and the dog dealer can push it up by more than 30 points with 500,000U!
LUNA, LUNC
Terra founder Do Kwon has been sentenced to 15 years in prison, causing a loss of about $40 billion. The Terra series LUNA, LUNC, USTC have declined, and the game is over. The crash of LUNA and LUNC is not just a market crash, but a global disaster:
1. FTX collapsed overnight, evaporating $40 billion
2. The trust in algorithmic stablecoins collapsed overnight
3. The cryptocurrency market has fallen into a winter
MERL
In the past few weeks, MERL has touched around 0.5 three times, each time almost reaching it before turning around, and the closing price has basically shown long upper shadows, a typical case of 'smashing at the point'.
Now the technical pattern is slightly leaning towards the bearish side, with almost no space above 0.5 in the short term. Unless one day there is a strong volume to stabilize, otherwise every rebound is likely to follow the 'smashing at the point' rhythm. Personally, I feel that before seeing a real breakthrough signal, chasing high carries too much risk; I'd rather short than go long.
$ZEC
In the past few days, I found that many people have been trapped by short positions in ZEC! Even so, there are still constantly bears coming in, being very stubborn! The most typical case is the first bear leader who originally had profitable positions but has now turned into losses! Although they took profit and reduced part of the position when it fell to around 300, most of the positions are still there.
The giant whale's margin is very sufficient, the liquidation point is at 1057U, and it is still considered safe! But I feel that the dog dealer will not push it up and crash it next! Just need to maintain sideways here, eating funding fees every day! Don't be fooled by the fact that funding fees are only collected every eight hours, but the position size is very large! The money received is still considerable! It can also use the received funding fees to slowly push the price up and gradually exhaust the bears!
So it's not that you can't short, but rather that if you make a profit, you should take it and not be attached; what's in hand is real!
The market situation changes rapidly, and entry and exit positions should be decided in real-time. Just follow the trend if it breaks! No matter how high the grasping degree is, please strictly implement the stop-loss and take-profit strategy! That's all for today! Follow me, don't get lost!
