Today, Bitcoin has strongly broken through $106,800, reaching a high of $107,262; currently, Bitcoin is fluctuating around $10.68. Last Saturday, I reminded to pay attention to the support at $104,000—$104,500 in my article (Black Swan Attacks Market! Bitcoin Bear Market Begins, or is it a Good Time to Buy? Ethereum Will Plunge to $2,200? GASS Doubles! USELESS Soars 10 Times! PEPE Rises 230%), and to short if it breaks below, only go long at lower levels; pay attention to the resistance at $106,000—$106,500, short under pressure, and go long if it breaks through. Following my strategy, at least a profit of 2,000 points.
Bitcoin (BTC)
On the four-hour level, Bitcoin effectively stabilized at $107,000, short-term breaking the moving average pressure; the price may further test the strong resistance area of $108,400-$109,000. Over the past three days, the price has repeatedly touched the low point range of $106,100-$106,800 and has shown upward breakthroughs, laying a bullish foundation.
Strategy:
Bullish: If stable between $106,100-$106,800, a long plan can be formulated, with a stop loss set below this range.
Bearish: If it falls below $106,100, pay attention to the support at $104,400; if it holds, there is still a chance for a rebound.
Resistance observation: $108,400 to determine if it stops falling, $110,400 to determine if it strengthens. The first touch of these two positions can consider shorting.
This week may see a directional breakout, and the end-of-month market may be pre-emptively laid out. Pay attention to whether the riots escalate, the Federal Reserve's interest rate decision, and Powell's speech. The interest rate decision is expected to remain unchanged, with the earliest rate cut possibly in September, but Powell's speech may trigger market volatility.
Another listed company in Japan has entered the market to buy Bitcoin, and institutions are continuously increasing their positions. Bitcoin is expected to break through $112,000 this month, setting a new all-time high; holding spot is recommended.
Ethereum (ETH)
Over the weekend, ETH fluctuated in the range of $2,480-$2,580, currently breaking the pressure level of $2,580, forming a bullish structure. It is recommended to wait for an effective breakthrough at $2,650 before entering long positions; otherwise, there may be a pullback at $2,655 or $2,720 (Fibonacci 61.8% and resistance level resonance).
Strategy:
Bearish: If it falls below $2,580, a short plan can be formulated with a target of $2,490. If it drops to this level, consider a rebound to go long.
Recommendation: Pay attention to the daily EMA 144/169, looking for spot opportunities.
Altcoin market analysis:
The altcoin market has recently undergone severe reshuffling, with a crash-style harvesting affecting spot trading from on-chain data, further transmitting to the Alpha sector. Coins such as $OM, $ACT, $MASK, $LEVER, $DF, $DEGO have experienced single-day plummets on Binance. Liquidity in this round of altcoins is extremely fragile; if there are slight disagreements between project parties and market makers, coin prices may drop to zero in an instant.
Market essence: 90% of altcoins on Binance are waiting for opportunities for liquidity surges, as project parties or market makers take the chance to cash out. Many old coins maintain operations, pretending to be active, only because they haven't cleared their holdings. Investors must not hold a lucky mindset.
Recommendation: Avoid high-risk altcoins and shift to leading projects in potential sectors. The coins that performed strongly during this round of correction include: $Syrup, $Virtual, $Fartcoin, $UNI. These coins are fully circulated, have large trading volumes, and strong main capital; they are better to buy during corrections.
On-chain analysis:
EGL1:
Trading volume is active, adopting American-style, joining the USD1 pool. High enthusiasm on activity B; if successful and receives WLFI liquidity support, it has great potential and is expected to go on Alpha and contracts, making it worth the gamble.
T1:
Driven by Trump's phone news, there is a strong consensus among retail investors in the market, with aggressive capital chasing. Currently, the standout project is T1, leading the market.
