The Bitcoin bull market, with a pullback of ten thousand points, is it a distribution or a shakeout?

CN
1 year ago

I, a commoner, have been farming in Nanyang. I seek only to preserve my life in the chaotic market, not to be renowned among the nobles, but to have a clear conscience. I really like a quote from Robert T. Kiyosaki, "The love of money is the root of all evil, and poverty is the root of all evil." I believe that everyone in the coin circle is here to profit. I hope that in the days to come, my market analysis can help everyone reap substantial gains in the coin circle. The sea of learning is boundless, and learning is endless. Continuously increasing one's knowledge and combining it with one's own trading habits is the only way to survive and achieve one's ambitions in the coin circle.

Next, I will analyze the market trends of BTC, ETH, Pepe, Aave, and SOL.

Bitcoin (BTC) experienced a drop from 69,000 to 59,000 yesterday, but is currently trading at 66,800. From a weekly perspective, the trend is very healthy, although it has not broken through the pressure at 69,000. The trend is still relatively strong. However, due to the waterfall at the high point, there is a gradual increase in trading volume, indicating potential risks. Personally, I believe that Bitcoin may be at a high point now. If it fails to break through the new high, a pullback at the daily level is likely, and the magnitude of the pullback could be significant. Therefore, caution is advised in chasing the rise, and waiting quietly is recommended. If a retracement occurs, 55,000 is a good point for bottom fishing.

Ethereum (ETH) is showing an upward trend on both the weekly and daily charts, with no signs of a possible peak. Despite the drop from 3,800 to 3,200 yesterday, it managed to recover and could potentially reach a new high. The ETH/BTC exchange rate is currently at 0.056, indicating a weak trend but approaching the lower Bollinger Band, suggesting a potential rebound. It is recommended to focus on long positions for Ethereum, with the suggestion to continue holding long positions and consider adding positions around 3,650, with a target price of at least around 4,500.

Pepe, as a meme sector token, has recently gained a lot of attention and has increased tenfold from its low point. However, the risk is now high, and chasing the rise is not recommended. It appears to have formed a double top pattern on the 4-hour chart, with the neckline around 6. If it falls below 6, it is advisable to stay away. The overall risk outweighs the potential returns, and it is not recommended to get involved. The suggested approach is to consider bottom fishing for short-term long positions around 5, and it is not advisable to enter short positions at the moment.

Aave, as a highly controlled token, is expected to have a significant increase in the future. It is recommended for long-term holding, with a target price near 300. It is advised to buy and hold, as this token is expected to rise significantly in the near future.

SOL, which I have previously analyzed, is a very good token. It is currently priced around 140, and some fluctuation at this level is normal. The price is expected to rise further, with a target range of 220-250. It is recommended to focus on long positions and avoid shorting this strong token.

The above suggestions are solely my personal opinions and do not represent investment advice. All risks are self-assumed.

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