Overnight, BTC retreated from nearly $90,000 to $84k. BTC "collapsed" again. The chips that fell from the sky poured cold water on the bull market, and the market began to calm down a little. From the highest point of $89,970 (very close to $90,000) at around 3 pm, it was directly suppressed to below $86k, breaking through four levels: 89k, 88k, 87k, and 86k. BTC opened at 84k during the day, so it still maintained an upward trend. However, the copycats who followed the trend had already seen the bad situation, and they all abandoned their weapons and turned to decline.
At this time, the market is completely playing with the psychology of the leeks. It was difficult to enter the market when the water level was rising, and they were afraid of heights, thinking that they would have the last chance if the market fell. In the end, there was no chance at all, and they missed the opportunity directly. Now, the market has really reached a very high position, and they just rushed in headfirst, went long without thinking, and continued to shout that the market was rising. The dealer saw that you entered and started to pull back directly. Do you understand? If you don’t understand, you are also confused.
Now that your emotions are carried away by the market and you are chasing the market, you are really not suitable for trading. I suggest you quit trading as soon as possible, otherwise you will waste your time and money and end up with nothing.
Specific to the location, what will happen next?
(1) From the on-chain data
The current situation of Bitcoin supply on the chain is close to the extreme of short-term risk, which means that the market may experience a large correction at any position between 9w and 11w. Judging from the dispersion of chips, there are large vacuum periods at 77k-79k and 82k-86k. It is difficult for these positions to have decent support. Therefore, real correction support is likely to appear below 81k or 77k.
(2) From the perspective of the long-short ratio of the contract
When the price dropped to 72,000, more than 5 billion were liquidated, and when it dropped to 77,000, more than 3 billion were liquidated. Therefore, the conclusion given by the madman that the callback position will be in the range of 7-77,000, which should be relatively reasonable. The bull market has many sharp declines, so don't be afraid to get in and pick up the chips bravely.
(3) From the perspective of market sentiment
The current market sentiment is overheated, with the greed index reaching 84, and FOMO sentiment has appeared in the MEME coin sector. From the bull market to now, it can be said that the only main line is MEME. Whether it is BN's listing orientation or the market's hype sentiment, it is all in MEME. Therefore, the FOMO sentiment in MEME also means that the short-term correction will not be too far away, and it is not recommended to gamble with large positions. The overall situation of the altcoin season is not bad. At present, the dominance of Bitcoin is still close to 60%, and it is even slightly higher than the previous two days, which shows that we are still in the process of a bull market.
In short, a short-term correction does not mean the end of the bull market. There is no sign of a peak yet. Keep a calm mind and hold on patiently. After Bitcoin reaches a new high, there will be wave after wave of trends. We are still in the first wave. There will be adjustments later and there will be new highs again. The bull market process is not achieved overnight, but requires moving upward one platform at a time.
Finally, let's talk about today's hot topic: Musk was appointed director of the government efficiency department (d.o,g,e)
DOGE surged to a market value of 60 billion US dollars. Dog-themed memes such as DOGE, BONK, FLOKI, NIERO, WIF, and D.O.G.E. rose. DOGE and PNUT may take off in a spiral in the future.
For the dog series, there are several indicators:
Neiro basically only has traffic within the circle, which is not enough to support moving to a higher level, such as the height of $shib. However, pnut has higher cultural and political values. Doge itself is the core and the leader with the largest market value. The room for growth still needs to be explored by it.
The main plot of this round has been clarified, so the possible scenarios for the following will be:
DOGE opened up the meme market value space exploration, listed on DOGE ETF, and PNUT followed closely, becoming this round of SHIB, which is a call back, but it may not be too late now. For outsiders, brothers, you can buy 5M 50M pnut, which is a very core circle, cherish your opportunity to get chips.
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