The traditional bearish September has passed. To be honest, I didn’t make any profit from this upward trend. Mainly because, aside from concerns about the market being overheated, I misjudged the situation.
However, I don’t regret missing out on this upward movement. Most of the smaller coins I cleared out didn’t experience significant gains, and in fact, many dropped more than they rose. Fortunately, I successfully opened a short position at a predicted high point, and I’m still in profit. As for this downward trend, there are a few key levels and patterns to watch:
60,000: This is a psychological level, but it doesn’t have a strong pull for me. It might just pause here before choosing a direction. Pay attention to the RSI here (orange). If it breaks below, continue looking downward. However, if it holds and shows volume on the upward move, this drop should be safely overcome. (Pay attention to whether there’s a breakout around the 62,418 level)
Pay attention to the 58,161 level. If it doesn’t hold, the decline could accelerate. This level should be considered along with the BT line. It’s also a key level that many major analysts are watching. Personally, I will take some action at this level, but it won't be my primary target for trading. 51,000/52,730: I expect it to reach this level, as it's the bottom of the channel (a potential breakdown). Additionally, it aligns with the previously estimated level (green), which could form a double bottom. Also, take note of the orange dashed line—this marks the bottom of the recent rally.
而按照這段時間 比較大型的回調都不會到底 所以我預估應該到這邊為止 Based on recent larger corrections, they usually don’t reach the bottom, so I predict this movement will stop around here.
47000 假如不幸 51000這個位階沒有守住 接下來或許就是要走一個比較大級別的路徑 47,000: If unfortunately, the 51,000 level doesn’t hold, then the next step might be to follow a larger trajectory.
In the larger channel, if it breaks down, there might be a pullback to around 45,000–46,000 before attempting to push up to the upper edge of the channel. If there’s no pullback after breaking down, it could possibly drop to 30,000.
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