Overnight, BTC rebounded to the 94-95k range, which is a narrow fluctuation of 2000-4000 points. The current position is already in the range of previous stuck positions, which has trapped a large amount of chips. This trapped area cannot be broken easily unless there is significant positive news to stimulate it, or Bitcoin has made sufficient adjustments to accumulate energy for a potential breakthrough.
In the short term, Bitcoin has not broken the upward trend line; the lower boundary of the range at 92.5k is crucial. The three possible trends for Bitcoin in the future are:
(1) If it does not break below the lower boundary of 92.5k, then a bullish central structure will be formed, targeting 104k.
(2) Once it breaks the lower boundary of the range at 92.5k, the downward pressure will be quite strong, and a drop to the previous low of 73k cannot be ruled out.
(3) Bitcoin false breakdown, meaning a short-term drop followed by a sudden recovery.
Bitcoin is going for a new high, touching liquidity of 95700+. The upper limit should be around 96200. Expect a roller coaster this week, first going to 92000, then to 96, and then crashing to 85.
The current market trend is somewhat similar to the behavior around 2021.8.13. Back then, the daily line tested six times before first being pressed by the MA230 daily line, then breaking through and stabilizing at the MA140 line, and subsequently completing corrections between MA120 and MA250, gradually stabilizing and reaching new highs.
If this continues, Sweet Dream believes that the third trend is more likely: first a rise to 96k and then a drop to 92 or 85 may be a better short-term strategy.
Is ETH going to pump again?
On-chain data also shows a trend of increasing ETH holdings among retail investors, whales, and super-whales:
(1) Whales increase their holdings
Whales and super-whales have increased their ETH holdings, especially addresses holding 10K-100K ETH—net increasing by 149K ETH in the past week. After dominating distribution in previous weeks, these whales have returned to push buying pressure, trying to push ETH's price closer to 2000 USD.
(2) Ethereum ETF data
Yesterday, there was a net inflow of about 64 million USD, which is rare as it has been in a net inflow state for three consecutive working days.
Ethereum has already regained yesterday's decline, reversing the structure, potentially forming a bullish consolidation, with the upper channel at 1830~1850. Only by breaking through 1850 can we look at 1957, targeting 2000.
Upbit is about to launch SIGN, with a short-term surge of nearly 70%!
The biggest buying power is still from the South Korean market, with every new listing having more than 50% increase. Projects listed on Binance Spot can basically also be listed on South Korean exchanges, as it is said that South Korean exchanges have a green channel for projects listed on Binance Spot.
By looking at my Weibo, it's basically possible to predict a high probability of entering the South Korean market; Sweet Dream predicted in the morning that SIGN would enter the South Korean market. This wave of UP listing has earned Sweet Dream 70%, making it very profitable.
The upcoming game is whether SIGN will become the first practical target after Binance's new contract regulations, with short selling rates immediately reaching the maximum. According to regulations, once it reaches the maximum, it will immediately enter a one-hour settlement state, which will be quite interesting.
During this period, there is an opportunity; if MC exceeds 100 million market value, it is definitely overvalued. This is a very good opportunity to short; when the funding rate turns negative and the absolute value increases, it can be closed. This opportunity is guaranteed to profit.
That's it for today's article, everyone subscribe so we can achieve financial freedom together in this bull market.
