Coin World Report:
Bitcoin price falls below $67,000! Is the rebound rally failing again?
Yesterday (22nd), sellers suddenly exerted force and suppressed the price of Bitcoin. Currently, it has been oscillating between $67,500 and $66,500 for two days. The four-hour chart is full of pins, and the bulls and bears are deadlocked at this level, resulting in over $200 million in liquidation in the derivatives market. It’s time to change the perspective, as there will always be a time when the winner is determined.
From a technical perspective, BTC has yet to break through the major downward channel. The rebound once again encountered resistance at the upper boundary of the channel and is currently undergoing a retracement. Breaking through and then pulling back is an opportunity to buy. Only when the price stabilizes above $70,000 can we consider it as an effective breakthrough in terms of technical patterns, indicating that a new wave of rise is about to come. From the long-term trend of BTC, this downward channel has formed a flag pattern in the larger timeframe. If it can break through, we can expect to see a price of over $120,000.
Currently, it has repeatedly tested the support level at $66,000 without breaking it. As long as this range is not broken, the short-term market can be considered stable, and the upward trend remains intact. Currently, Bitcoin is still maintaining its position above the key support level of $66,500, so there is no need to worry too much for now.
BTC is on the edge of a breakthrough. Once there is a breakthrough in the technical pattern, it will mark the beginning of a new market. At that time, do not hesitate to take action. In the short term, there may still be continuous fluctuations, so be patient and wait.
How will BTC move after several tests at $66,000?
It is obvious that BTC is undergoing a chip turnover between $60,000 and $69,400, with low-priced chips being replaced by high-priced ones. In other words, the chips in the $60,000-$66,000 range are being sold in the $66,500-$69,400 range. Once the price approaches $66,000, it will be bought by buying orders.
There has been a few days of oscillation in the range of $66,500-$67,200 and $68,000. Both the bulls and bears seem to have reached a balance here, waiting for new emotions or information to disrupt this balance.
Next week, macro data such as the final value of the University of Michigan Consumer Confidence Index on Friday will be released. There will be no market makers over the weekend, resulting in lower liquidity. In addition, there will be macro data such as PCE, as well as the financial reports of MSTR and COIN. As the US election approaches, these news and emotions will stimulate BTC price fluctuations. Of course, among these events that stimulate emotions, there are more positive emotions. Even if negative emotions occur, they will be short-lived. When negative emotions occur, the price will definitely test the lower position at $65,800.
In the future, the financial reports of COIN and MSTR, as well as election sentiments, will continue to push the price upwards. There is still a magical level, which has not been broken since April this year, which is $70,000 and $72,000. Especially the $72,000 level, you can check the weekly chart of BTC to see it.
Once emotions drive funds to enter and break through $72,000, it will mark a new high. At that time, do not get too FOMO.
Altcoins
Bitcoin is at a critical period for both the bulls and bears. Regarding altcoins, we need to remain cautious. Currently, there are no signs of altcoin narratives. However, the accumulation structure of altcoins indicates that the increase in this round of the market will not disappoint, although it may not be the most exaggerated one in history.
The accumulation period has significantly lengthened, usually around one month in the past, but this time it is generally between 2 to 3 months. Not only that, this round of the market has also experienced extreme flushing. Various fluctuations in the past year have been shocking.
There have been summaries of leading altcoins in various sectors recently, and a brief summary is provided here. For details, you can review the homepage. When the market falls, find a good entry point to actively take action. Currently, from the weekly chart, many coins are at the bottom. Generally, there will be a sharp rebound before the end of the uptrend in the altcoin season, with a potential several-fold increase within a month, similar to the rotation of Ape and dYdX.
Pay attention to the MEME sector, whether it is in the near future or in the future, the heat will be high. First, various animals such as frogs, hippos, and BOME were hyped, followed by the hype of PEOPLE on a certain platform. Now it’s the turn of AI+MEME, and MEME is likely to run throughout the entire cycle.
Other altcoins are performing relatively well in terms of public chain trends. Sol is also the absolute leader here and one of the few projects that can rise with BTC. The trends of Tia, Icp, Tron, and Ada are also decent. Most other altcoins are in a bearish market. In short, the market is not yet fully bullish for altcoins. I still believe that there will be a big wave in Q4. Let’s look forward to it together.
If your coin hasn’t had its turn yet, be patient and hold on. Eventually, it will have its chance to rise. The coins in the inscription and telegram ecosystem may not seem good, but those who have survived have struggled through adversity.
Some people always ask, “Will the bull market still be there in 2024?” In fact, it is like the wind, it has always been there! As long as you believe and remain determined, it will come as scheduled.
