#btc

1/ There are two key yellow support lines
The one below:
Confirms a downtrend after a peak (post-December 19), and represents the average cost basis during the consolidation phase. The latest cost is around 74,760.
The current price just below this cost basis, which is the second time in these two months of consolidation that the price has touched this level (the two red circles in the chart), and it has not yet broken through.
The one above:
Represents the average cost basis since the highest point (October 6), with a price of 85k.
2/ Today’s price surged significantly, but the long positions did not increase accordingly, indicating a divergence between price and capital flow. The same situation occurred at previous highs of 76k and 98k.
3/ Over a weekly or longer cycle, the long positions accumulated per unit price still far exceed the short positions.
4/ From a Chan theory perspective, the daily central structure has been perfectly completed.
5/ Past experience:
a/ In a bear market, after weekly oversold conditions, a golden cross underwater generally signals a decline starting from the following week.
b/ Before a major drop in a bear market, weekly candles tend to close higher or show a strong rally.
6/ If this meme coin can drive more altcoins to form a strong bullish market atmosphere, and sentiment rises sharply, that would be the most dangerous time. It’s also the last harvest for altcoins in this bear market.
If you are the main trader, how would you choose?