Last week, Bitcoin suddenly launched an aggressive attack, breaking away from the 105-110k high-level consolidation range and climbing to a new high range of 115-120k. By this Monday, it had strongly established itself at a new height of 123k USD. This wave of attack completely shattered the shorts' double-top fantasy, leaping to a new level and causing those who were bearish in the 100-110k range at the end of last year to sell off.
The Bitcoin futures market has exploded!
The open interest amount surged to 40.2 billion USD, setting a new one-year high! The Bitcoin futures market has recently exploded! The total open contracts across the network soared to 40.2 billion USD, setting the highest record in a year. This indicates that leverage and speculative trading in the market are increasing crazily, which may mean greater volatility is coming.
BTC Bitcoin's weekly closing has strongly broken through the previous high and closed at nearly the highest point, forming a solid bullish candlestick. The bull market is officially underway. Since the end of June, a bullish engulfing weekly candle has laid the groundwork for the future market. The tail end of this bull market is unreasonable; it doesn't even give a decent pullback. A sideways consolidation is the best opportunity to enter, while the last greedy chase will be capital at the top.
Bitcoin continues to rise in a stepwise manner, with important support near 117300, above 114000, and around 110700. Other upper supports are minor support points.
Bitcoin basically maintains a narrow range of fluctuations and continues to break through; it cannot be shorted. Especially for futures, if you want to trade, look at the 5-minute level 200 moving average line for operations. Don't always focus on Bitcoin; shift your attention to Ethereum and altcoin trends.
Ethereum
Bitcoin broke through the weekend's consolidation range and surged towards 120k, while Ethereum has not yet caught up and hasn't broken the major resistance level. Bitcoin stabilizes its rise, and the altcoins are likely to soar this week. Sweet Dream also analyzed last Saturday that Ethereum looks for a pullback in the short term and will continue to rise after the pullback. On Sunday, Sweet Dream's lowest pullback was to 2903, and Sweet Dream opened a long position at 2910, making a profit of 172%.
Bitcoin is the anchor of the Ethereum market. Ethereum began its desperate rebound only after the ETH/BTC exchange rate dipped to near the 2019 low in April. Currently, ETH/BTC is still under pressure. Once ETH/BTC breaks through the daily resistance level, which is about stabilizing at 0.027, Ethereum will accelerate, and the altcoins in the market will also start to surge upwards.
Currently, the Ethereum volatility range has broken through, and there is no bearish structure. The outlook is bullish. It's scary to chase after rising prices, so wait for a small-level pullback to enter. Therefore, if you hold coins at lower levels, just be patient and wait for the market to gradually move upwards. Short-term Ethereum looks at 3500~3600.
Altcoins
Recently, the performance of altcoins has been quite good; some have already surpassed their initial trend gains. Strong ones will continue to be strong, while the weak ones are still lying down, slightly rebounding. It can be confidently stated that the weak will not always lag behind; there will be 8 to 10 times returns! The project parties need to make money.
Recently, Sweet Dream has been emphasizing the layout of SOL, PEPE, PENGU, XRP, SUI, and TAO. For those who missed Bitcoin, focusing on altcoin rebounds can also lead to substantial profits.
PENGU:
Not long ago, this token was collectively rebranded by platforms like OKX and Coinbase, and the token surged upward. Last Thursday, Sweet Dream (bloodbath for the shorts! The Federal Reserve made a big move, interest rate cuts in July! TGA injected hundreds of billions! BTC, ETH skyrocketed to new highs, and the crypto world went completely crazy!) recommended PENGU around 0.016887, with an increase of nearly 100%. I have sold a significant portion at 0.026-28, mainly because it reached the initial profit-taking point, and the rapid rise to 0.028 + a surge in trading volume left too much room for distribution.
Currently, the profile pictures on major platforms have returned to normal, and PENGU's short-term price should not break through again! If there is a pullback, continue to buy. The trend of penguins changing profile pictures + the heat of ETFs is in full swing, and the unlocking of PENGU is not expected until the end of the year; the whales won't abandon this good IP.
XRP family:
The XRP family includes XLM/HBAR/ADA. Each of these coins has stronger potential than Ripple, and they can all be positioned for pullbacks. $xlm > $xrp > $HBAR? $ada? Currently, it seems they are all waiting for $eth to break out of a structural bull market turning point; the old mainstream coins are coming back in summer...
The market has arrived, and seizing the opportunity to invest in popular coins is truly comfortable. Good opportunities are always fleeting; whoever understands them first can seize the moment. More good coins are shared within the community.
