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The plunge of Bitcoin and Ethereum affected the market, causing a retaliatory rebound in the altcoin market, and raised concerns about the future trend of Bitcoin. Funds withdrawn from Bitcoin and Ethereum entered the altcoin market. According to the current market trend, it is not entirely certain whether the altcoin season has arrived. If there is a continuous rise for three days with increasing trading volume, then the altcoin season may be approaching. Otherwise, it is just a temporary trend. An important issue with altcoins is the frequent unlocking of currencies and potential delisting. These are all tricky operational issues, so it is important to select narrative and potential altcoins, especially those with full circulation. The current cryptocurrency market significantly reflects the impact of news, especially uncertain factors. The recent re-emergence of the Mt. Gox black swan event is a prime example.
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Bitcoin maintained a volatile upward trend yesterday, with a morning surge testing the resistance level of 62,500, but it did not break through effectively. At present, it has fallen slightly and is running around 61,800. The volume of the current upward trend seems to be weakening, but the short-term trend still maintains an upward posture. The price is gradually stabilizing above the lower and middle rails of the four-hour Bollinger Band. The four-hour MACD indicator is opening upwards. The subsequent trend will enter a volatile upward trend. However, the current breakthrough strength is insufficient. It is necessary to pay attention to the resistance near 62,500. The operation suggestion is mainly short-term. If it cannot break through the high resistance, be aware of the callback risk triggered at any time. On the daily level, the Bollinger Band continues to widen downward, and the MACD is running in a dead fork, indicating that the bearish trend is still strong. Therefore, blindly chasing long positions is not advisable. It is recommended to focus on shorting positions and taking long positions sparingly.


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After Ethereum explored the 3228 support level, it maintained an oscillating upward trend. It broke through the 3420 level twice overnight, but failed to effectively break through. Currently, it has fallen slightly and is trading near 3390. The short-term hourly Bollinger Bands are beginning to contract, and the bullish sentiment has weakened. The trend is hovering around the midline. In the short term, the trend has entered a period of consolidation, and it is more likely to break down again. Therefore, our conservative approach is to focus on short positions. In the short term, pay attention to the support around 3300-3280.