Bitcoin is fluctuating at a high level, moving up and down with only a 1000-point range. It has entered a triangular convergence pattern with very narrow amplitude and limited space. Market participation has significantly shrunk, with only 60,384 people liquidated last night, totaling $116 million.
BTC has been horizontally consolidating at the high of 108,000 for 14 days, resembling a triple top formation. It has been consolidating near 108,000 for 14 days, and Bitcoin's volatility continues to decrease. Like a spring compressed to the extreme, it will eventually explode. This is the calm before the storm, so do not leave the market and continue to pay attention. Currently, after a small pullback, Bitcoin's price has touched the upper resistance line again without breaking through directly, indicating that the selling pressure above remains strong. A correction is likely to occur here.
Long Position: Bulls firmly defend the bottom line of 106,500, which has not been broken. Short-term support remains unchanged in the 1072-1076 range. If it chooses to break down during consolidation, the swing support is near 106,000, and prices will still choose to open a long position here. Short Position: Continue to short above 109,500, at least to break even, taking profits in batches at 108,500, 107,200, and 106,000. Ethereum is showing a short-term upward rebound and has broken through the triangular pattern, currently fluctuating near the upper edge. However, there is a need for a pullback, so temporarily focus on the support strength at the upper edge. Short positions can be opened in the 2626-2642 area, with strong pressure in the 2666-2688 range. Today's intraday support is around 2576.
Altcoins and Ethereum are still consolidating at high levels, and the trading volume of altcoins on weekdays has again hit a yearly low. Many people believe altcoins have hit rock bottom and think the altcoin season is coming. Surprisingly, some still harbor illusions about the altcoin season, which is why they will inevitably lose money. In the future, only strong altcoins will have opportunities, while most altcoins will eventually go to zero.
This bullish market is specifically targeting diamond hands. Besides Bitcoin, Ethereum, SOL, and BNB, other altcoins should not be held for long. Projects like the upcoming pump wlfi and others are not suitable for long-term holding. There may be opportunities in the short term, but the long-term outlook is not optimistic, especially for pumps, which are definitely on the road to zero. Crypto circle—Trump's ATM, with $TRUMP before, $WLIF now, and now another ETF!
Trump's Trump Media & Technology Group (TMTG) has submitted an S-1 (registration statement) to the SEC, planning to launch the 'Truth Social Cryptocurrency Blue Chip ETF', which includes: $BTC 70%, $ETH 15%, $SOL 8%, $CRO 5%, and $XRP 2%.
It is worth noting that just last week, the SEC released a new 12-page guide for cryptocurrency ETFs, clearly requiring applicants to disclose key information such as custody, fees, and risks in detail, and shortening the approval period to about 75 days. This ETF could be listed as early as September-October, and there are even reasons to suspect that this is a fast track tailored for Trump.
After all, Trump has already been president and had previously released a coin. This time, creating an ETF is expected to yield better returns and image than issuing another similar MEME coin like TRUMP. Over the past two days, I've been carefully analyzing several MEME coins on the new Jup platform. Here’s a brief conclusion: 1. $URANUS: Mocking from Jup's perspective, several clusters in the house are distributing since the high point of 24M, but the fund still holds a lot of chips, likely indicating another wave. 2. $priceless: Nihilism, the current main narrative, is standard on every platform, with a solid trading strategy. Yesterday's surge did not provide retail investors with opportunities to get in, yet it can still rise. 3. $kirby: Kirby the Star, pink and cute, currently consolidating at a low position. The fund is accumulating a small amount, but not much, so we can wait a bit longer. Several targets on the Jup platform have a characteristic: the fund has many long-held wallets, which can be quite misleading, making it difficult for retail investors to recognize. One must dig deep into the source of funds and compare the purchase times to discern. These are experienced market makers. Many people have been shouting about the return of liquidity and the bull market. However, I don't see it that way. The sustainability and ceiling of new coins have not improved, and the funds are evolving. The current pullback amplitudes are deeper than before, so if FOMO investors take the bait, a significant correction is likely to occur first. Be cautious about chasing highs and patiently wait for a good entry position.
