Bitcoin peaked at 110,000 and then plunged, with massive volatility and both longs and shorts being liquidated. In the last 24 hours, a total of 81,217 people have been liquidated globally, with a total liquidation amount of $193 million.
Currently oscillating around 10.89, yesterday’s article from Guangan mentioned that above 109,500 is a bold shorting area, with stop loss around 112,500. Short-term take profit at 108,000 and around 106,600, long-term around 100,000.
BTC is currently forming a chip grabbing range between 108,400 and 110,600, creating a new tightening area. The best strategy in this kind of market is of course to sell high and buy low; the closer you get to 110,600, the more you short, and the closer you get to 108,400, the more you go long.
As we approach this ceiling position, I prefer to set up a short near 110,600. Right now, going long can only see a profit of 2,000 points, while shorting at highs can yield a profit of 10,000 points. There is much potential space to look downwards, and there is also good defense above. Since today is Independence Day in the US, the stock market is closed, and trading volume may be insufficient, which could lead to a short-term pullback. We expect support in the pullback around $108,400, with buying opportunities at both 500 points above and below. Next week, as the market gathers momentum, Bitcoin is expected to continue reaching new highs.
ETH is currently consolidating in a box pattern on the 2-hour chart. It will only re-establish direction once it breaks out or falls below the box. If you're trading on the left side, set up a short near the 2660 resistance and switch to a long at 2550. On the right side, if it falls below 2550, then short; if a false breakdown occurs and quickly pulls back to form a pin bar, stop loss immediately, with a typical stop loss space of about 20-30 points. For now, look down to around 2390.
SOL
The daily chart is currently at a point that is both awkward and perplexing. On the moving average side, the price is still below EMA200, leaning bearish; but in terms of formation, it looks somewhat like it's brewing a head and shoulders bottom. The most awkward situation is this kind of market: everything looks unclear now, and when it breaks out and you look back—'Oh wow, so that’s how it is!'
So, there are not many tricks at this time; two choices: either find some high cost-performance short-term opportunities at the intraday level, or simply stay away until the trend becomes clear before jumping in.
Altcoins
Currently, the overall trend of altcoins still largely depends on ETH.
It is a barometer for the altcoin market; how Ethereum performs basically determines the sentiment and rhythm of other coins.
From a technical perspective, the monthly bottom for ETH has already formed, and the trend is slowly turning upwards. It’s just a matter of time until it finds a thrust point for upward movement; future rises are just a matter of time.
Looking back at the rhythm of the past few months, it started in April, clearly rose in May, and a small adjustment came in June. If this rhythm continues, July to September will likely be the stage for a major upward wave. Moreover, once the market starts moving, positive news will naturally follow; this rhythm is quite common in the market.
Why is the altcoin market stagnant?
Off-market funds first flowed into BTC, which is the strongest consensus anchor point in the market, like the largest cup. The cup is not full, and funds have not overflowed into ETH, mainstream coins, and altcoins. The current water level is rising; don’t rush, the cup is almost full.
Take SUI as an example.
SUI's current bottom volume indicates accumulation; the current downward range, ending with previous causes and resulting in certain downward momentum, actually counts as a low buy. It is currently forming a second wave of decline; breaking out of the range is a single breakout, followed by a weak pullback. According to this principle, there is still a wave left, and breaking through directly will take some time, at least to the level of a double top. Greater benefits are still ahead.
You can play a bit with odin.fun on-chain; there are really plenty of opportunities to make money!
WBTC: From knowing to the peak, it’s almost a 120x increase, from 500 sats retracing to around 60, consistently consolidating at a low position. I bought a bit near 65, which is also bearish, and now the price is 175 sats, more than doubled; this is quite comfortable to play.
ODINDOG: It has also started to rebound, after all, it was previously a top coin. The current profit is already several tens of points. Many projects in the circle are also posting on odin.fun; small funds have a chance to win more comfortably than meme coins!
Be brave to research new things; you will find that it's actually very easy to handle, and new things often present great opportunities early on. This year, strive to achieve several hundred times on new projects, making big profits with small investments.
Finally, let me share a very simple yet profitable little trick.
1. When Bitcoin is in a bull market, a pullback of 20-30% is often a great buying opportunity.
2. When Bitcoin is in a bear market, a pullback of 40-50% often leads to a significant rebound.
3. The bottom of a bear market often appears when Bitcoin pulls back around 70-80%.
