Bitcoin has performed moderately this month but still maintains a slight increase. There are two days left, and it is expected to hold its gains. Historically, October is the best-performing month for Bitcoin, and the crypto market is expected to see a strong rise. It is completely possible for Bitcoin to return to 120,000 and Ethereum to break 5,000. October is worth looking forward to!
In the past 24 hours, a total of 90,631 people across the network have been liquidated, with a total liquidation amount of $344 million, long positions liquidated for $85.349 million, and short positions liquidated for $259 million.
Why did Bitcoin rise? Why was Cook's interview from a few years ago revealed at midnight?
First of all, mainstream coins are currently bearish on the daily chart, with the downtrend being the main trend, and rebounds are against the trend. A counter-trend rally requires more funds and time.
Secondly, retail investor sentiment has been exhausted by continuous declines, making them hesitant to buy. Retail investors are naturally afraid of shorts and prefer longs; only rising prices can ignite enthusiasm. Early morning is when we are sleeping and foreigners are on holiday, so there are the fewest people paying attention, making it suitable for actions.
Waking up in the morning to see a rising trend and positive news, retail investors are prone to impulsive buying, but this is often an opportunity for operators to offload. Operators will not let the price drop indefinitely.
Referencing the decline on August 1, 2024: decline - consolidation - further decline, with rebounds in between. The rebound is to accumulate buy orders through fluctuations, activate sentiment, attract buying, and liquidate shorts in preparation for continued selling.
BTC
In the morning, the market showed a clear reversal, with the price breaking strongly above the 4-hour Bollinger Bands upper band, forming a strong bullish line. The previous short strategy was laid out around 118000, and last Friday the price touched the 108500 support and confirmed a bottoming out, timely suggesting a shift from short to long opportunities. This rise verifies the correctness of the long-short conversion.
Bitcoin's 4-hour level shows a significant breakout above the upper band, with moving averages in a bullish arrangement and forming a golden cross, establishing a short-term bullish pattern. Although the RSI is overbought, the daily rebound is a healthy correction. Trend confirmation requires breaking through and stabilizing above 113800. The operation is mainly to go long on pullbacks, focusing on the hourly support at 111300; if it holds, the bullish trend is expected to continue, with short-term pressure around 112300-112800.
Operation: Pay attention to the resistance above at 112300-112800, and the short-term support below at 110700, with strong support at 108000.
ETH
Ethereum daily line continues to rise, but encounters resistance around 4160. The 4-hour chart shows the price breaking through the previous high and then retreating, currently in an adjustment phase. The daily MACD is below the zero axis, with red bars shortening and momentum weakening; the 4-hour MACD fast and slow lines are close to a golden cross, with bullishness increasing but unstable. The rebound strength is weakening, but the overall rhythm still synchronizes with Bitcoin.
Currently paying attention to the 4070 support level; if it can stabilize after a 4-hour pullback, there is still room for price increase. During the day, pay attention to the resistance levels of 4160 and 4220; if broken, the 4360-4410 area can be released.
Operation: Pay attention to the resistance above at 4160 and 4220, and the support below at 4080-4060, with strong support at 4015-3980. (Currently, short-term operations range from high to low)
Altcoin
October is ETF month, and various altcoin ETFs (such as SOL, XRP, LTC, DOGE) may be approved around mid-October. These ETFs are not issued by Fidelity or BlackRock, but are worth watching in the coming weeks.
Although the AI sector continues to be trapped, there is no need to worry too much! Because the core theme of this bull market is AI, and global attention is also focused on AI. Projects like WLD clearly show signs of institutional involvement.
GIGGLE, this conspiracy game, is currently still in sideways consolidation, and is expected to break through to new heights in the future.
DM performed well today, having doubled.
The BSC chain is overall vibrant, with projects like STBL and $BLESS performing well.
Regarding XLayer, apart from leading projects, others are indeed lackluster.
The National Day is approaching, and large projects may be waiting to make moves after the holiday. Keep an eye out for several major players entering the market!
OP, SUI, DYDX, ENA, IMX are about to unlock large amounts, and fans are worried that they will crash the market!
Answer: The upcoming wave of unlocks may bring pressure to the market, but everything has two sides. Investors value long-term value, and token unlocks do not necessarily lead to a crash. Unless the project's fundamentals deteriorate or they unlock at the peak of a bull market, leading investors to take profits, otherwise, in a bear market or early to mid bull market, as long as the project is stable, the probability of a crash is very low.