Bitcoin Rebounds After Correction, Ready for a Surge! Altcoins Diverge, Local Hotspots Emerging!Around 11 PM on Sunday (13th), Bitcoin experienced a notable decline after three consecutive days of gains, dipping as low as $62,050, momentarily triggering market panic. However, bulls swiftly countered, pushing Bitcoin prices back above $63,000, showcasing a dynamic battle between bulls and bears
Bitcoin Rebounds After Correction, Ready for a Surge! Altcoins Diverge, Local Hotspots Emerging!
Around 11 PM on Sunday (13th), Bitcoin experienced a notable decline after three consecutive days of gains, dipping as low as $62,050, momentarily triggering market panic. However, bulls swiftly countered, pushing Bitcoin prices back above $63,000, showcasing a dynamic battle between bulls and bears.
Despite this, the weekly chart indicates that the market is currently in a complex correction phase within an upward trend. Last week's doji candlestick pattern reveals a fierce tug-of-war between bulls and bears. Consecutive weekly highs and lows are gradually decreasing, suggesting waning bullish momentum as the market approaches the top of a large range. Therefore, we need to be wary of potential correction risks in the small-timeframe charts.
The daily chart shows that Bitcoin is trending towards a symmetrical triangle. If a correction occurs, the $57,500-$58,000 range could present a potential buying opportunity.
The market has been fluctuating repeatedly, leaving many investors confused. Thus, I will share my insights on the current market trends and offer a future outlook.
Overall, I still uphold the perspective I shared in August and September, expecting the crypto market to continue its upward trajectory in October, November, and December. Heres why:
1. Bitcoin Performance:
Since its climb from $49,000 in early August to its current level of $62,800, Bitcoin has witnessed significant gains. Although we're currently in a range-bound consolidation, this could be a bear trap tactic before another surge, as seen on the weekly chart. I expect a turning point to emerge after October 15th, with the goal still being to break the all-time high.
2. Divergent Altcoin Performance:
While the overall altcoin market has yet to witness a substantial surge, certain sectors are already showing strong performance, indicating positive signals. For instance, the L1 sector, with SUI and APT, the AI sector with TAO and ARKM, and newly listed Binance MEME and fan tokens, are all experiencing notable gains. Although a full-blown bull run is not here yet, the emergence of local hotspots suggests that key players are already strategically positioning themselves to drive the next round of comprehensive gains.
3. Bitcoin Structure Analysis:
Since the August crash, Bitcoin has consistently bounced back higher with each correction, demonstrating active support from market makers. This process of repeated consolidation, seemingly risky, is actually a preparation for the next major bullish move, injecting renewed vitality into the market.
4. SUI: Huge Potential, Worth Watching
Since September, SUI has risen by 175%, highlighting investors strong interest in this project. Despite recent negative news, such as dipping below $2, market sentiment remains positive, and SUI is expected to bounce back. Given the favorable market trend, a bullish position is suggested, but short-term volatility should be acknowledged. A break above $2.35 could lead to further gains. It is recommended to set a stop-loss order below $2.1076 to manage risks, suitable for short-term traders.
5. WIFWIF: Bullish Adjustment Structure, Steady Upward Trend
WIFWIF's adjustment structure is relatively stable, with $2.485 being a key support level. Consider buying around $2.53. The structure indicates an upward trend. The candlestick pattern aligns with technical analysis, and the current channel trend is fairly standard.
6. BOME: Oversold Rebound, Poised for Action
BOME has shown remarkable recent performance, undergoing an oversold rebound, forming the right-side upward channel of a W-shaped pattern. Currently, prices are nearing the previous accelerated selling pressure zone and are also facing pressure from the daily EMA average. If this position lacks persistent volume and price support, a retracement to accumulate could occur. Once there's a breakthrough upwards, and a buy point forms after retracement, a new wave of accelerated gains is expected.
7. STG: Breakout Imminent, Ready to Surge
STG has attempted to break through the upper resistance level several times in the 4-hour timeframe, but has failed to solidify its position. It is currently consolidating around the 4-hour EMA average, accumulating momentum. From the trend perspective, if there is a breakthrough above $0.30, a surge with significant volume is expected.
The question of whether this wealth surge will unfold as predicted remains exciting.
The bull market opportunity has arrived, but market risks still persist.
Please invest rationally, manage your risks wisely, and wish you all good luck with your investments!
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