BTC The recent short-term market for BTC doesn't offer many opportunities. The main strategy yesterday was to observe more and act less, as not taking action is also a form of action. The current price has reached the area marked as C on the chart provided two days ago, which is a medium to long-term support area and is expected to halt the decline of this daily pullback. However, from a technical perspective, the daily chart has already fallen below the lower boundary of the oscillation box, so the previous main support line near 62019 will form significant resistance, which will have a certain impact on the original upward trend of the daily chart and may directly lead to a reversal of the long and short structure of the daily chart. The medium to long-term chips of the 10% position I bought earlier have already been liquidated. If I buy again, I will wait for the 4-hour structure to emerge before making a decision. For now, I will be conservative in my operations! As for the short-term structure, the daily chart has broken through the box, and there isn't much internal support structure. Today, I will continue to take a day off.
Currently, BTC faces many negative factors affecting market selling pressure:
The Mt.Gox liquidation sell-off: Similar to a sudden closing sale at a supermarket near your home, it will definitely affect the business of other nearby stores.
Government selling of coins: Imagine if the government suddenly decided to sell off the country's gold reserves, it would definitely cause a sharp drop in gold prices.
Changes in the Federal Reserve's policies: Just like your parents suddenly changing your pocket money rules, it will definitely affect your spending habits.
Miners starting to sell coins: This is like farmers fearing a drop in food prices and quickly selling off their hoarded food, causing an oversupply in the market and a real drop in prices.
Impact of the US election: Just like your class at school is electing a new class monitor, different candidates may establish different class rules, and everyone is watching to see whose rules are better.
International tensions: It's like the class next door getting into a fight with your class, and everyone is nervous and afraid to make any rash moves.
The price of Bitcoin is like a pot of soup, and now all kinds of bad news are being thrown in like seasoning, making the soup harder to swallow with each added ingredient. These mixed factors make the already precarious situation even worse, leading to the decline of Bitcoin.
The news of Germany selling Bitcoin directly triggered bearish sentiment among investors. BTC still dictates the direction of the overall market. Even Sun Yuchen wants to reach out and grab the sold Bitcoin to ease the market sentiment. However, every time Sun speaks out or takes action, investors will shout that it's not good. The "Sun crab effect" has long been a consensus.
Here are a few value references for bottom fishing opportunities:
ENS: Nominated by Vitalik Buterin multiple times, with ample treasury funds and strong practicality.
ONDO: A leader in RWA, the new darling of Wall Street.
BNB: A leader in exchanges, despite controversy, trading still cannot do without it.
SOL: A leader in public chains, squatting down for a better jump.
STX: A potential leader in BTC's second layer, will undergo the NAKAMOTO upgrade on the 15th of this month, which has been postponed multiple times before, but this time it should not be postponed again.
LISTA: The coin with the greatest potential among new coins on Binance, with the concept of stable coins. Currently, the circulating market value is less than 100 million, and the price should recover quickly after consensus is reached.
MEME coins: PEPE, WIF, no need for much explanation.
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