How bleak is the current crypto market? From "cursing in the group" to "silently playing dead," the emotional bottom is approaching.
The sentiment in the crypto market over the past 20 days is like a "large-scale record of mental breakdown":
Rebound? Not a chance! Just when it finally rises a bit, it’s immediately smashed back down by sell orders. Even the huge "good news" of the Federal Reserve cutting interest rates hasn’t made a splash; the market is so weak that people are too lazy to come up with new complaints.
The group chat is even livelier: just two weeks ago, it was all "the market makers are heartless" and "whoever wants to trade this broken coin can do so," but this week, fewer and fewer people are speaking up — it’s not that they’ve come to terms with it, but they’re just tired of complaining and have started to "silently play dead."
Old players understand: the emotional bottom has always been "depressed → irritable → silent." Right now, we are stuck at the critical point of "irritability turning to silence." If we get through this, there might just be a turnaround. When someone asks, "When will it rise?" there’s only one answer: wait until those trading contracts are scared and don’t dare to open positions anymore; when the market makers have no more retail investors to cut, the market will naturally move.
Now the BTC price has rebounded, but today it has dropped again, and the price continues to show a downward trend. For many, watching it feels like their hearts are racing. If the market wants to continue rising, we need to see if it can hold above 106,000 today. If it can’t hold, then we will see another wave of flooding. So today, without discussing technical aspects, let’s just follow the trend and look bearish. If it holds, then we can look for a reversal.
So today’s strategy is to look bearish around 108,000-108,500, with a target at the 116,500 level. The points are for reference only.
Follow the public account, "What can relieve worries? Only Jiang Wei," a treasure analysis blogger with high emotional value, sharing trading education for free. In the restless trading market, he brings stability and clear guidance, having navigated through three cycles of bull and bear markets and years of practical trading experience. He specializes in naked K, trends, Dow theory, Gann, harmonics, Chan theory, wave theory, and other technical analyses, gathering them into his unique insights.
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