Recently, the market has continued to fluctuate. BTC attempted to push higher over the weekend but clearly lacked strength. Although there was a slight surge today, the bulls seem to be struggling. From a daily perspective, this wave of increase is basically at its peak, and the space for rapid rises has been compressed.
We mentioned earlier that there wouldn't be an immediate crash, but rather it would end this round of market activity in a fluctuating manner. It is expected that this week will enter a correction phase. The key lies in whether this correction will intensify.
From a time cycle perspective, there has already been a low point at the end of June, and there is about half a month until mid-July. If BTC still cannot complete an effective pullback during this period, then it should start considering short-term layouts, rather than stubbornly holding onto the mid-term bottom position. Short-term swings can also yield some profits.
ETH also has not shown much upward performance, failing to push past 2520 today, indicating that this wave of upward movement is likely nearing its end. Overall, continuing to wait is the most prudent strategy. The end of July will see a rebound in market liquidity, which is our real opportunity to increase positions.
The current state of altcoins is: they want to rise but fear that BTC will pull back after rising; they don't rise but are falling terribly, making it impossible to survive in the future. Although ETH, SOL, and DOGE have some movements, the on-site capital is clearly weak, and coupled with the fact that the overall market has reached the 'correction' bifurcation point, the momentum for upward movement is insufficient.
Too many people were stuck in the last wave of peaks; now if it really rises, the market makers still need to help people break even, which is obviously not in their interest.
To be honest, I have always believed that July-August will be characterized by fluctuations and corrections, and this bull market is basically at its tail end. There may still be one more decent surge, but that kind of 'chaotic altcoin season'? That has already passed.
Is a big waterfall coming to the crypto market? Don't panic, little cat will help you avoid risks!
First, shorting large unlock coins at high points remains the main strategy. I reminded everyone around 9.2 and 9.3 to short #TRUMP because he will face a large unlock in mid-July. Now the profits are satisfying. If there’s a rebound that offers another high-point opportunity, that would be perfect.
Secondly, #ACX surged 7% this morning, mainly due to the unlocking over the weekend and a technical rebound after the negative news was fully priced in. We had previously warned everyone to stop during the weekend.
Lastly, #Solana is also worth focusing on; I believe its new trend is brewing, and operational opportunities will soon emerge, continuing to track.
In short, the key is still to watch the rhythm, focus on catalysts, respond cautiously, and switch flexibly.
Alright, let's continue to look at the situation of two hotly discussed altcoins:
SEI
SEI is regarded as the first Layer 1 public chain focused on the trading track, with a clear positioning, mainly serving the DEX ecosystem, focusing on enhancing trading performance and user experience, and also possesses certain extensibility in the NFT scene.
Recently, the technical indicators have been smooth: after breaking the descending channel, it surged strongly and is currently in a consolidation phase within a short-term rising channel, with a clear rhythm.
Currently, the price is firmly above the middle track of the channel and is attempting to surpass local resistance. If successful, this area will turn into support, and the next wave of upward opportunities may start.
The structure is healthy, momentum remains, and $SEI is worth keeping on the radar.
WIF
$WIF has just completed a standard inverse head-and-shoulders breakout on the 4-hour chart, with the neckline successfully crossed, and the price is currently stable above it.
As long as it doesn't drop back below the neckline, the structure has the potential to continue, and the trend is expected to start a new round of upward movement. With sufficient momentum and a solid shape, $WIF is likely brewing a stronger upward leg.
Continue to keep an eye on it; opportunities may be brewing.
I have to say, mainstream coins on CEX are basically all relying on 'event-driven' strategies. For example, today's surge of ARB was mainly due to rumors that Robinhood might support it, leading to a 40% rebound from the bottom. It seems that L2 projects have begun to take sides:
Base uses OP technology;
Robinhood has been rumored to use ARB;
Moreover, the co-founder of Base has announced that there will be major moves on July 16, and many friends have already started engaging with Base, so it's possible that tokens will be issued.
In other aspects, the meme sector's $PENGU, $PNUT, and $NEIRO are performing well, while the DeFi sector is a small highlight of this round of market activity. $HYPE has been reaching new highs continuously, and $AAVE and $UNI have also performed decently.
But to sum up in one sentence: the on-site market relies on key events, while the off-site on-chain relies on emotions to hype themselves.
On-chain market trends, like the recently revived 'James No. 123' project, have turned around based on a bunch of token names that sound insulting.
$USELESS has surged to 200M, and second-tier players can also reap a 20x;
$WORTHLESS has taken off directly by several hundred times;
There is also $MORI, a YouTuber from Russia with 3.2 million subscribers, who has directly sped past 100M, and its trend can be compared to the previous $CHILLGUY.
These projects sound 'useless' and 'worthless', but their prices keep rising. In a market without emotion, themes, or volatility, the more abstract the things are, the easier they are to emerge.
The market's boredom is just a facade; the real opportunities are hidden where the capital moves first.
That's all for this article! If you are confused in the crypto market, consider laying out and harvesting with me!
