Cryptocurrency Market Analysis: BTC Breaks Out of Triangle Consolidation, Major Altcoins Move Defense Positions UpBitcoin (BTC)In the article published on the 15th, we noted that Bitcoin was inside a triangle convergence zone. To continue its upward trend, it had to break through the upper resistance level of the triangle at $67,200
Cryptocurrency Market Analysis: BTC Breaks Out of Triangle Consolidation, Major Altcoins Move Defense Positions Up
Bitcoin (BTC)
In the article published on the 15th, we noted that Bitcoin was inside a triangle convergence zone. To continue its upward trend, it had to break through the upper resistance level of the triangle at $67,200. There would be some pressure to sell in the short term, and some price pullback is normal. The chart now shows that Bitcoin, after 10 consecutive trading days of gains, has broken through the triangle consolidation zone. From October 10th until now, the number of Bitcoin whales holding 100-1,000 BTC has increased significantly.
It's important to note that as prices continue to rise, volatility will likely increase in the future. We are therefore moving our defense position from $62,000 to $66,000. If the price falls below $66,000, it will most likely return to the triangle consolidation pattern. If the price falls below $66,000 in the future, you should exit as soon as possible. The next resistance level is at $69,000. Breaking through $69,000 will continue the bull market trend.
Ethereum (ETH)
This week has seen little change in Ethereum, which has been consolidating sideways. It is unlikely to see a major move until it breaks through the box top resistance at $2,800. Although there are expectations of a continued rebound, it is important to note that the risk of a "long consolidation, long fall" could occur at any time. Therefore, we are moving our defense position from $2,400 to $2,500. If the price remains above $2,500 in the future, hold your position. If it falls below, exit immediately.
Solana (SOL)
This week, Solana has performed worse than Ethereum. While Ethereum remained stable, even without an upward trend, SOL has seen a decline. The resistance above $160 remains strong. If you bought SOL below $140, move your defense position to $150. Regardless of whether it sees a strong rally in the future, if it falls below $150, we should no longer participate. Let the market entertain itself.
TON
TON has been consolidating sideways in a weak manner for half a month now. There's not much time left for the bulls to push prices higher. Investors in TON should continue to watch $5 as their defense position. If you haven't bought in yet, you can continue to buy as long as it doesn't fall below $5. If it does, you have to get out. After consolidating sideways for so long, if the bears attack, the price will immediately drop to $4.5. As long as it doesn't fall below $5, there's still hope.
Binance Coin (BNB)
BNB has been performing poorly, and its trend is clearly showing signs of fatigue. The current position is very dangerous. One step up is a smooth road, one step down is an abyss. Therefore, we are moving our defense position from $550 to $580. If it falls below $580, there's no saving it. The heat of the money is primarily focused on meme coins. Major altcoins haven't fallen below the defense positions I've provided, so everyone can participate. If the price falls below the defense position, you should exit completely. Don't get caught up in the hype. All meme coins grow on the back of their main chains. If the main chains fail, the altcoins will surely have a bad time as well.
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