Cryptocurrency Market Watch: Mainstream Coin Market Analysis & Trading StrategyWith the market's fluctuations this week, the overall market has shown a small-scale bullish rebound. Let's review last week's market and look ahead to the future trend of mainstream coins to formulate our trading strategy
Cryptocurrency Market Watch: Mainstream Coin Market Analysis & Trading Strategy
With the market's fluctuations this week, the overall market has shown a small-scale bullish rebound. Let's review last week's market and look ahead to the future trend of mainstream coins to formulate our trading strategy.
BTC:
Last week's article on the 7th stated that Bitcoin's overall trend is still bearish. The B-wave correction exceeded expectations, so we recommended waiting for the price to pull back below $53,000 and attempt to play the double bottom pattern.
However, this week, the dollar failed to form a double bottom as expected, and $53,000 supported the price. After a week of correction, Bitcoin has formed a small-scale bullish rebound, and we have to reintroduce the previous ABC wave pattern. We are currently in the process of a small-scale C-wave rebound.
It is worth noting that the retracement opportunity at $56,000 may not appear, but if it does, the stop-loss should be set at $53,000. If you cannot afford a retracement loss of $58,000 to $53,000, you can choose to directly enter the market at the current price. Based on the C-wave rebound theory, the expected rebound height is $69,000.
ETH:
The previous two articles emphasized the opportunity to enter the market on the left side below $2,300 because the previous decline in Ethereum was relatively large, making the position relatively more secure. Therefore, there is an opportunity to attempt to enter the market and bounce back below $2,300.
For those who have already entered the market, please pay attention to the stop-loss at $2,100 and exit quickly if it breaks. If it does not break, there is a chance to form a small double bottom or a $2,100 to $2,800 range bound. The expected rebound height of this C-wave is $2,900.
SOL:
I've always emphasized the opportunity to play the rebound on the left side below $120. Due to different depths on different platforms, prices may vary. Therefore, some people entered the market last week, while others did not. If you have already entered the market, please set your stop-loss at $120.
For those who haven't entered the market, if you can afford a 10% correction loss, you can enter the market near $120 when it retraces. If it breaks below $120, $110 is unlikely to hold, and it may fall to double digits. Under the premise of holding above $120, the C-wave is expected to reach $175.
TON:
The view from the article on the 7th was that the 3-wave decline was theoretically nearing its end, and a 4-wave rebound would soon come. However, the signs of a large-scale head-and-shoulders top in TON are becoming increasingly apparent, and the $4.5 neckline has already been broken. Therefore, at present, it is not recommended to participate in TON; it is better to observe the market.
Last week, the overall market, whether it is a large cycle or a small cycle, was completely bearish. Left-side bottom-hunting to bounce back is very risky. It's always better to be cautious. Currently, TON is in the process of a 4-wave rebound, which is not suitable for chasing the rise. Theoretically, the 4-wave rebound target is $6.5. If there is an opportunity to enter the market at $5 later, you can enter, with a stop-loss set at $4.5.
BNB:
Last week's idea was to wait for the price to fall below $450 to play the rebound and attempt to form a head-and-shoulders bottom. Unfortunately, the price started to rebound at $470, so I didn't enter the market.
The current trend of BNB is the strongest among mainstream coins, partly due to BNB's launch of a new round of re-staking protocol and a new round of staking lottery activities. These two positive factors support BNB's performance better than other mainstream coins.
For those who haven't entered the market, they can only wait for the opportunity to enter the market below $520. If there is an opportunity to enter the market below $520, the stop-loss can be kept at $470. The head-and-shoulders bottom pattern is very obvious. Theoretically, after breaking the $600 neckline, it can rebound to $670.
Summary:
The current market is in a stage of small-scale bullish rebound, but the overall trend remains bearish. We recommend cautious trading, keeping a good stop-loss in place to avoid excessive loss. Embrace the opportunity, choose the right entry point, and closely monitor market changes to adjust your strategy in a timely manner.
Finally, investment is risky, and you should be cautious when entering the market. The above analysis is for reference only and does not constitute investment advice. Please make your own judgment, and you will be responsible for your own risks.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
