Crypto Market in Flux: Will the C-Wave Rally Sustain?The crypto market experienced a strong rebound this week, with Bitcoin surging past $65,000, following Fed Chairman Powell's speech. However, the sustainability of the C-wave rally and the direction of the future market remain to be seen
Crypto Market in Flux: Will the C-Wave Rally Sustain?
The crypto market experienced a strong rebound this week, with Bitcoin surging past $65,000, following Fed Chairman Powell's speech. However, the sustainability of the C-wave rally and the direction of the future market remain to be seen.
Bitcoin: $60,000 Key Support
Last week, BTC theoretically completed the B-wave retracement, but the rebound lacked momentum. Therefore, investors were advised to defend at $56,000 and exit if it broke below. However, following Powell's speech last night, the market rallied strongly, reaching $65,000.
Looking at the chart now, the C-wave rebound has unfolded. Theoretically, the C-wave rally will be similar to the A-wave in height. Investors are advised to focus on the $60,000 integer level as support. If it holds above $60,000, the C-wave could challenge the $70,000 mark.
Ethereum: $2800 Resistance Crucial
ETH has consistently emphasized the importance of defending at the $2,500 support level. Holding above it means staying invested, breaking below means exiting. As long as it stays above $2,500, there's a chance of another attempt to challenge the $2,800 resistance level. Although it encountered resistance at the $2,800 mark this morning, the theoretical scope of the C-wave rally is not yet exhausted, so there's still a potential for follow-up gains.
However, Ethereum's performance has been relatively weak. Its fundamentals and news flow have been unfavorable, leading to poor technical performance. Therefore, investors are advised to consider switching their focus to other assets. For those holding ETH, watch the $2,600 level for support; exit if it breaks below, and a break above the $2,800 resistance level could lead to a challenge of $30,000. The theoretical height of the C-wave is $3,200.
SOL: $140 Support Fading?
The $140 support for SOL was quite apparent, but it was repeatedly broken on the 15th and 16th of this month, indicating that this support is becoming distorted and its relevance is diminishing.
This is because technical traders could recognize this key point, potentially leading to a washout of those traders. Another washout occurred on the 21st, reinforcing the accuracy of the advice given in the 19th article to sit on the sidelines.
SOL's early-month rally was too strong, causing a premature depletion of its potential upside, leading to a slightly weaker C-wave rebound. If you're holding it, consider the $140 level as support exit if it breaks below and hold if it stays above. Although the $140 support has become distorted, other crypto assets are showing signs of a rebound, suggesting that SOL is also likely in a C-wave rebound. If the rally ends and it breaks below $140, the $135 level will also offer little support.
As long as $140 holds, there's a chance for another attempt to challenge the $170 resistance level and beyond.
TON: $6.4 Key Support
TON has been consolidating in a narrow range between $6.4 and $7, with significant selling pressure above $7. After this prolonged consolidation, a breakout is likely imminent.
Keep an eye on the $6.4 level as support. As long as it holds above $6.4, we'll hold. Although I've marked the chart as a 3-wave phase, the current trend doesn't definitively confirm the start of the 3-wave retracement. As long as it remains above $6.4, further upside potential is still possible.
BNB: $550 Crucial Resistance
Monday's article mentioned that although BNB encountered resistance at $550, holding above $500 would allow investors to continue holding and capitalize on potential breakouts. Once it breaks through the $550 resistance level, the likelihood of a surge towards $600 is high.
The past few days have unfolded largely as expected, with the bullish side performing admirably. This morning, it touched close to $600. Although it currently shows strong signs of a 4-wave turning into a 1-wave, we must still be wary of potential fakeouts. It could emulate the previous behavior of SOL, causing a fake breakout followed by a 5-wave decline. Selling pressure above $620 will be substantial.
Keep an eye on the $550 support for those holding BNB hold if it stays above and exit if it breaks below.
Conclusion
The crypto market is highly volatile. Investors must exercise caution. The sustainability of the C-wave rally and the future direction of the market remain to be seen. Stay vigilant in observing market trends and make investment decisions based on your risk tolerance.
Disclaimer: The above content is for informational purposes only and should not be considered investment advice. Trading cryptocurrencies carries substantial risk; please invest responsibly.
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