Bitcoin has been continuously rebounding, rising from the lowest point of 98k on June 23 to 107-108k. Yesterday, in a post titled (Bitcoin V surges 8000 points, is the decline over? Next up 108,000? Why did SEI surge? Wall Street bosses collectively call the shots, who is the next SEI?), it was mentioned: "Bitcoin has rebounded to the short-term supply line, and the trading volume of the recent rise is more sustained and stable than the volume between 6.6-6.8, indicating stronger buying power. From the volume-price relationship, the probability of Bitcoin breaking through the short-term supply line and continuing to rise is higher." Last night, Bitcoin surged as expected, shooting up to 108,000!
BTC Bitcoin has been fluctuating in a range and is unlikely to break through directly. A false spike is possible. Bitcoin has broken through the short-term supply line and is continuing to rise, forming a clear five-wave structure. In the short term, the five-wave structure has basically completed, so a correction is likely to occur next;
There is a short-term need for a correction, and a symmetrical triangle has appeared on the 30-minute level, which is a bearish pattern. Therefore, I am temporarily planning to short at 107730-108300-108930, with a stop loss at 109600. The average price is around 108500, with a stop loss of 1000 dollars, and a potential gain of 3000-5000 dollars. However, the five-wave structure of Bitcoin usually does not exist alone, so after a short-term correction, it is likely to continue rising, with a chance to set a new historical high.
ETH
Ethereum's performance is much weaker, only hitting the daily midline of 2516 before coming down. There is strong resistance above, and it is unlikely to rise in the short term unless it consolidates for several weeks.
The Ethereum Foundation has been reported to be transferring tokens. Those in the know understand that it's clearly cashing out and paying salaries. Last year, the same operation happened, resulting in ETH dropping from 3200 to 2100. Currently, ETH is struggling to break through 2500. When it hits 2460-2480, go short confidently. Set your stop loss at 2520, with a profit potential of 200-300 dollars. What’s there to be afraid of?
Looking at the altcoin market, most altcoins are showing this kind of trend and are heading towards the low point of 4.7. Bitcoin hasn't even started to correct yet. Once Bitcoin starts to pull back, many will not escape the fate of falling below the 4.7 low point. For these coins, from a weekly perspective, a cycle has already completed, and the next phase is a long period of consolidation. Even though there will still be decent rebounds on smaller scales, the trend will still decline for coins like fartcoin, hype, Sui, and Virtual.
Over the past decade, all the turmoil, experiments, financing, and speculation in the crypto world ultimately boil down to using new narratives to cash out and push Bitcoin prices up. The truth is that all innovations, speculation, and narratives in this industry ultimately feed Bitcoin. There was a complete set of narratives and innovations boosting it. But now, all those engines have stalled, and the vehicle is still gliding on inertia. All narratives have been repeatedly falsified, and user structures are deteriorating. DeFi is no longer a financial revolution, just a more refined Ponzi scheme. NFTs are no longer cultural symbols, only price tags remain. GameFi has no players, only bots that skim profits. The narratives have exhausted, user loss is real, and on-chain economic activities are approaching nihilism. Value investing is dead, speculation is also dead, and PVP has entered a negative-sum game loop. The engines have stalled, the narratives have halted, and only the BTC vehicle is still gliding on inertia. Finally, I want to talk about the Bitcoin bull market. How can retail investors make money?
1. Participate in new offerings on platforms like Binance Alpha and Virtuals. Don't expect to achieve great results; little by little adds up;
2. Participate in activities on platforms like KaitoAI, cookiedotfun, produce quality content, and exchange Yap points for airdrops. Again, little by little adds up;
3. Participate in TGE new offerings on various platforms, such as buidlpad, and complete KYC in bulk. The more accounts you have, the greater the results you can achieve;
4. Participate in on-chain PVP, taking small risks for big rewards, but you must accept that 99.9% of them are worthless junk;
5. Deeply engage with high-quality projects, accompany the project team in their initial construction, and you will definitely achieve great results, but it requires serious research on project quality, resources, and operational strength;
6. If none of the above suits you, just hold on to BTC and wait for it to reach 150,000 to 200,000; 7. If you don't have BTC, you can also wait for the real bull market to arrive, at which point you can ride the market's hotspots to achieve significant results;
That's all for today's article. In the upcoming bull market, I will guide everyone to aim for the wealth opportunities in altcoins, with an expected growth of over 10 times being very possible. Scan the QR code below to join us in positioning for the entire bull market! Joining us is like standing on the shoulders of giants, seizing the opportunity for wealth. Missing out could mean losing out on a hundredfold opportunity.
