Bitcoin has been fluctuating recently, with many fans chasing highs and lows, getting hit on both ends. Currently, Bitcoin is oscillating around 108700; Sweet Dream shorted at 109000 last night and has seen a significant pullback, earning 10%. This can continue to be held; the plan was to short at 109700 and add to shorts, but there were no opportunities to enter last night, so we continue to place orders.
BTC
Bitcoin's resistance level failed to break, and the small bearish breakout has pulled back. This movement is a very standard hour-level wedge rebound structure; the current price is at the diagonal end of the oscillation zone, resembling a converging triangle. The next step will be an important directional choice.
Currently, Bitcoin's daily candlestick shows alternating bullish and bearish patterns, with the three moving averages opening upwards. However, fortunately, the high point of the rebound has not surpassed the previous day's high, with MACD bullish momentum decreasing, KDJ forming a death cross downwards, and RSI trending lower. The 4-hour level is under pressure from the upper band, currently oscillating around the middle band for support and recovery. The indicators are quite dull, leading to such a stagnant market.
The intraday strategy remains mainly focused on high shorts, with low longs as a supplement.
Short positions: Pay attention to the resistance for Bitcoin at 109300 and 109700 above, followed by 110400 at high levels. For those who want to participate in shorting, pay attention to how these levels are being pressured.
Long positions: Pay attention to support at 107300, 106300, and 105000 below. If the price does not break below 107300 and 106300, it is likely to bounce back. So, for those wanting to participate in low longs, focus on these levels and watch for signs of a bounce when it stops falling.
Ethereum
Ethereum's overall trend is leaning towards a pullback and accumulation before an upward phase, with the potential to break previous highs. The dense trading area is between 2575-2605, with pressure concentrated in the 2620-2680 range. If the hourly chart can stabilize at 2600-2620, it is likely to challenge the 2650-2680 area.
The resistance above 2600 for Ethereum has been weakened after multiple tests, increasing the possibility of continuation upwards. However, the likelihood of breaking through 2740 to test 2800+ in one go is low, as there is still a lot of selling pressure/orders above 2720.
Yesterday, Sweet Dream mentioned (Why isn't Bitcoin surging? Epic surge timeline revealed! MYX, $VIC, $FIS skyrocketing and crashing?) the resistance above Ethereum at 2585, 2615, and 2640. Choose to enter shorts at these levels; the short position at 2640 has already been taken; plan for replenishment later; it shouldn’t be a big issue!
High shorts: Consider shorting at 2620, 2640, and 2680. When rebounding at these three points, consider entering shorts; do not attempt to chase highs at high levels. Before a break, it’s all about high shorts and low buys.
Low long: Pay attention to the support at 2520 and 2475 below; if these levels hold, consider participating in longs. If it breaks, don’t enter long positions, as the price will pull back to 2435 and 2380.
Altcoin analysis
FIS
Yesterday, I publicly encouraged my brothers to short on BN; those who followed FIS have made several times their investment! A huge profit of 551%, with the first 50X in July!
The logic for opening positions has already been discussed: Currently, $FI has a possibility of being delisted at any moment in the Binance observation zone. The $FIS project team has found an investor preparing to contract for the last push! Sweet dreams suggest that altcoins ultimately cash out and are not about the pattern; shorting is more cost-effective than longing!
bananas31
After the breakout, a pullback in the consolidation zone may still lead to a period of oscillating upward. Test the closing candles and avoid chasing highs; consider entering longs only if the pullback finds a bottom and turns back, but such trends are generally difficult to navigate due to extreme fluctuations.
MAGIC
MAGIC is stagnating at a previous high resistance level in the hourly chart, with a potential for a pullback after a failed breakout. This is suitable for profit-taking in a bullish swing. The 15-minute chart shows a rapid channel structure; if the channel breaks down and meets resistance on a retest, we can consider starting a pullback. Continuing to long can wait for the pullback to finish. Currently, the main focus is on whether the small channel can hold support for a continued rebound.
Moodeng
There was a spike in the early morning but has returned; the price has now broken the downward trend line after returning to support; looking at a lower level breakout at 0.20300. Tomorrow, the Thai zoo will hold a birthday party for hippo Moo Deng; Moodeng and TON can be a focus in the next couple of days.
SEI
SEI price briefly fell below support yesterday, and after breaking a local high again in 1H, we will see if the rebound starts to rise significantly, showing a clear upward structure. Looking at a lower range of 0.3-0.33.
