Market Views

Will there be a rebound starting January 1st? The possibility of the 2023 Spring Festival script

A partial rebound from the shanzhai (copycat) projects appeared on January 1st

Triggered by $PEPE

Many people believe it might be the arrival of a certain season. First of all, the overall market remains in a bear market, and that hasn't changed. The fourth year of the four-year cycle closed in the red, which also contradicts the traditional pattern.

Now, I think the discussion is whether a mid-bear market rebound can occur.

I have mentioned this concept quite a few times before. I believe there is a high probability of a mid-bear market rebound in January. Also, looking at the 2021 and 2019 scripts, after reaching a high point, about three months later, the market was in a rebound.

So, the chances of this happening again are not low.

If we combine this with the Spring Festival market script in January 2023, it could be a scenario where the Spring Festival rally overlaps with a mid-bear market rebound.

The first resistance level above remains at 98,000, with a breakout target between 102,000 and 107,000.

Ethereum corresponds to around 3,400 (matching 98,000).

SOL weekly chart has always stubbornly held at 120, and now it is also starting to rebound.

If the market follows the Spring Festival rally + mid-bear market rebound, everyone should be cautious about taking profits in time and avoid overextending. Many foreign bullish traders might come out shouting during the rebound, so just be careful not to fall into their trap.

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