Market Overview
Yesterday's warning proved prescient—while Bitcoin's pullback remains moderate, most major altcoins have already retreated more sharply. This classic "one-day rally" scenario highlights the importance of avoiding panic selling during short-term market corrections.
Key Market Updates
- UK Payment System Reforms: The Department for Work and Pensions is exploring blockchain/DLT integration for payment infrastructure modernization.
- EOS Network Upgrade: Scheduled for September 23 (21:00 UTC), this mandatory EOSIO v1.8 upgrade requires node operator participation.
SEC ETF Decision Delays:
- Bitwise proposal final ruling: October 13
- VanEck/SolidX proposal: October 18
- Wilshire Phoenix decision: September 29
- CBDC Debate: Former CASS researcher Yi Xianrong argues that central bank digital currencies currently lack significant practical value.
Technical Analysis: Major Cryptocurrencies
Bitcoin (BTC)
- 4-Hour Chart: Developing symmetrical triangle pattern with shrinking volume
Key Levels:
- Resistance: $11,600 (maintain short positions)
- Breakdown: $11,100 (potential short opportunity)
Indicator Watch:
- Price below 56-day MA
- MACD shows increasing bearish momentum
Trading Strategy:
- Contracts: Maintain 12000 mid-term shorts
- Spot: High-position exits per livestream instructions; preserve core holdings
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Ethereum (ETH)
- Critical Resistance: $217 (failed dual-test pattern)
Chart Patterns:
- Daily/4H candles below MA cluster
- 7D/14D MA crossover forming
Trading Plan:
- Contracts: Hold 215 shorts with trailing stops
- Spot: Accumulate below $200; maintain long-term positions
Ripple (XRP)
Range Trading:
- Short opportunities above $0.30
- Support zone: $0.28-$0.29
- Technical Note: 7-day MA pressure persists despite minor bullish attempts
Litecoin (LTC)
- Breakdown Confirmed: Below $88 support
Indicator Alignment:
- Bearish MA arrangement (7D/14D/21D)
- MACD shows tentative reversal signs
- Spot Advice: Wait for deeper correction before accumulation
Bitcoin Cash (BCH)
- Key Resistance: $350 (strong selling pressure)
Current Action:
- Testing 7D MA at $328
- Upper wicks indicate rejection
- Contract Strategy: Short positions preferred in 330-335 range
EOS
- Breakdown Trigger: Below $4.12 support
- Next Target: $3.80 box bottom
Momentum Shift:
- Bearish MA crossover
- MACD shows weakening bulls
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Market Psychology & Strategy
The "fear of missing out" (FOMO) during brief rallies often leads to:
- Premature long positions
- Overleveraged trades
- Emotional decision-making
Professional Approach:
- Wait for confirmed breakout/breakdown
- Scale positions gradually
- Maintain strict stop-loss discipline
Frequently Asked Questions
Q: Why are altcoins falling faster than Bitcoin?
A: Altcoins typically exhibit higher beta—they amplify Bitcoin's movements both upward and downward due to lower liquidity and higher volatility.
Q: When should I consider re-entering the market?
A: For conservative traders: wait for Bitcoin to stabilize above $11,600 or confirm support at $10,800. For altcoins, monitor volume patterns at historical support levels.
Q: How reliable are MA crossovers as signals?
A: While useful, moving average crossovers work best when combined with:
- Volume confirmation
- Support/resistance levels
- Larger timeframe alignment
Q: What's the biggest mistake during pullbacks?
A: Attempting to "catch the bottom" prematurely—successful traders wait for confirmation rather than predicting reversals.
Conclusion: Discipline Over Emotion
The current technical landscape suggests:
- Continued short-term bearish pressure
- Altcoin vulnerability to deeper corrections
- Critical need for position management
Remember: Market cycles reward patience. Preserve capital during corrections to deploy when trends confirm reversal.