Major Crypto Market Analysis: Wait and See, Patience is KeyBTC, as mentioned in the previous article, encountered resistance at $65,000 and retreated to near the lower boundary of the rising channel on the right. If it continues to fall and breaks below $62,000, there is a risk of a breakdown
Major Crypto Market Analysis: Wait and See, Patience is Key
BTC, as mentioned in the previous article, encountered resistance at $65,000 and retreated to near the lower boundary of the rising channel on the right. If it continues to fall and breaks below $62,000, there is a risk of a breakdown. Therefore, we will move our defensive position to $62,000 and exit the market if it drops below this level. From the chart, we can see that it is currently in a correction phase either as a large-scale Wave 1 or a smaller Wave 2. As the decline is not significant, it is too early to call it a new bearish trend. It can only be temporarily considered a Wave 2 correction. A drop below $56,000 would be necessary to confirm a potential new Wave 1 decline. However, regardless of the timeframe, the market is currently bearish, so it's best to wait and see before entering any positions.
ETH, as previously suggested, has a support level at $2,500. It is currently trading within the range of $2,800 to $2,500. Only if it breaks above the resistance level of $2,800 will it have the potential to challenge the $3,000 mark. A drop below $2,500 will result in another significant correction. After losing $2,500 early yesterday, it stopped its decline near $2,400. In fact, based on the previous rebound height, the B-wave correction to $2,400 is almost completed. However, it's crucial to remember that Ethereum lacks conditions for a substantial rally, both technically and fundamentally. Since its launch, the ETF has only experienced net inflows for 8 days. Therefore, don't rush to buy early and it's better to wait. $2,500 has already been breached, there's no need to focus on it as a defense point.
SOL, in the last article, moved its defensive position to $150. A drop below $150 would result in a breakdown of the uptrend. It was advised to exit promptly if $150 is lost. The current situation of these three major cryptocurrencies is quite similar, only with significant price differences. After selling, it's best to wait and see if they can use time in exchange for space to consolidate sideways and wait for a breakout. Then, we can use technical analysis to determine if it's a good time to get back in. As the larger timeframe remains bearish, entering the market now will put you in a passive position. SOL has support at $135 and resistance at $165.
TON's negative news has temporarily subsided, but the larger timeframe remains bearish. Although it rebounded near $5, it cannot be considered a complete end to the correction because Wave 3 did not hit a new low. I believe the best entry point for a left-side buy is at $4.5. If the market gives this price, you can try to catch the rebound. Don't enter the market at its current price, as the selling pressure above $6 is evident with strong resistance at $6.5.
BNB, as mentioned in Tuesday's article, is showing clear signs of a Wave 5 decline. Therefore, after exiting, it's best to wait and see. I will remind you when the appropriate time to enter the market comes. A rebound from $400 to $600 suggests that a small correction will usually reach $500 before a minor rebound. It's not a suitable position to enter now, be patient and wait.
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