This article is only a personal market view and does not constitute investment advice. If you operate according to this, you are responsible for your own gains and losses.
Today's article mainly tracks the performance and subsequent views of several currencies mentioned before.
1. Sol
Sol was recommended in the article on the 14th, with the reason being Sol's exchange rate breakthrough relative to BTC and ETH. The subsequent performance also met expectations. Despite the overall market correction, Sol continues to reach new highs, with today's price already exceeding 200. Many things can be traced back. The recent hottest topic in the currency circle is the meme coin Bome on the Sol chain, but even before it became a hot topic, Sol had already started to strengthen independently from the exchange rate.
Looking at the exchange rate chart of Sol, both Sol/BTC and Sol/ETH have exceeded the previous high on December 25, and the exchange rate space is opening upwards. The indicators also show a good trend. The view on Sol is that its trend is still stronger than BTC and ETH.
Looking at the weekly chart of Sol/BTC, a very obvious combination of a rounded bottom and a head and shoulders pattern can be seen.
In the weekly chart of Sol's exchange rate against ETH, it has already reached a new high when closing on a weekly basis. Even when compared to the previous high point, it is only a step away. The previous high point was an exchange rate of 0.059, and the current rate is 0.056.
So, from the exchange rate perspective, Sol is still worth holding, and there are no major issues. The K-line characteristics of Sol are that both the rise and fall are smooth, the trend is obvious, but the intraday fluctuations are large, and extreme market conditions can lead to significant fluctuations. Therefore, spot trading is comfortable, but leverage can easily lead to losses.
Finally, for entertainment purposes, there has been recent discussion about whether Sol has changed hands. From the perspective of the K-line trend, it is not much different from the trend of the last big rise and fall, showing strong consistency. Therefore, personally, I tend to believe that Sol is still under the same management, but this management is quite tough. At the end of 2022, with the help of negative news, it aggressively caused a significant drop, cleaning up quite thoroughly.
2. Ordi
In the article on the 15th, the leading player in the inscription sector, Ordi, was mentioned, with three price points given: 74, 61, and 50, and it was believed that 50 could only be reached by a significant drop.
After the recent pullback, Ordi reached a low of 60.7 this morning, already reaching the second target point. From Ordi's own trend, around 61 is a support level resonating with Fibonacci and trend lines, and this is likely to be the low point of Ordi's pullback. The cost-effectiveness of buying is still high.
Looking at Ordi's exchange rate against BTC, it found support at the previous exchange rate low point. It is also near the lower edge of the downward channel. A 37% pullback from the peak price to 61 makes it an attractive price. As a new sector, the inscription sector is recommended for allocation.
3. BTC
The recent overall market decline driven by BTC, in my opinion, is due to the need for risk aversion in response to macro events this week. This week includes the interest rate decisions of the Bank of Japan and the Federal Reserve, and more importantly, the speeches of Bank of Japan Governor Kuroda and Powell, whose implied attitudes have a greater impact on the market.
If the market is unfavorable, this round of pullback may have another wave. The 59-63k range in the chart is a support range and a very good position for subjective building/adding positions, and I believe the pullback is highly likely to end here. Without a black swan event, it is unlikely to reach 52k.
The consolidation period for this BTC pullback may be relatively long, and I do not believe it will end in a few days and reach new highs. There will be a subsequent period of oscillation.
Finally, looking at the overall situation of small currencies, their market share has been in a strong state. From the indicators, it also looks healthy, and I continue to be optimistic.
Follow me and make the maximum trend profit with minimal operations.
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