Last night, the crypto market surged, Bitcoin once again broke through $120,000, and Ethereum rose above $3,600. In this one-sided bullish market, those who kept shorting have been losing continuously. Last night, a total of 169,235 people were liquidated, with a total liquidation amount of $816 million, of which short liquidations amounted to $294 million. Recently, those who shorted Ethereum have become fuel. I have been emphasizing shorting low and going long recently; fans who listened have made a lot of money.
BTC
Yesterday's market closed with a long upper shadow bullish candlestick, showing significant selling pressure above. At the same time, the MACD momentum bars continue to shorten, indicating that bullish momentum is weakening.
The current price remains in a fluctuating range within the 4-hour level. It is crucial to pay close attention to the pressure near the upper edge around 120,500 and the support in the range of 116,000–115,500. If it breaks above the range, watch for resistance at 121,500–122,500–123,300. If it breaks below the range, watch for support at 114,000–112,000–110,500.
Strategy: Short near the pressure around 120,500, and consider long positions near the support of 107,400/116,000/115,500. Make sure to have a replenishment plan and strictly execute profit-taking and stop-loss.
ETH
The core focus of the current market remains Ethereum (ETH), which is getting closer to our preset second target of $3,800. Key support to watch is the lower band of the Bollinger Band at the 30-minute level. Yesterday, this position received effective support multiple times (though there were two slight false breaks), showing obvious signs of institutional control, aiming to push the squeeze market to continue.
But it is also necessary to be cautious. Once it effectively falls below the 30m Bollinger lower band, short-term sentiment may change, and the risk of a technical pullback must be heeded.
Currently, Ethereum is undoubtedly one of the most attractive assets in the market. If you have low-level chips in hand, you can consider partial profit-taking depending on the situation, but it is not recommended to clear out completely. If you can't hold onto your chips at this moment, how many opportunities in the future are worth sticking to? This is a phase that requires confidence and patience.
Altcoin
As Bitcoin continues to consolidate at a high level, Ethereum continues to rise. The market rotation rhythm is gradually unfolding. Currently, this is just the initial phase of the market. Often after the leading cryptocurrencies complete a main upward wave, it will truly ignite the frenzy phase of altcoins. At that time, the market may be more intense, so it is essential to keep an eye on it.
From a funding perspective, BTC's market cap proportion has recently encountered resistance at the upper track of a large weekly triangle, showing clear signs of a pullback. If this trend continues, funds may further flow into the altcoin sector, bringing structural opportunities for smaller coins.
In addition, market sentiment is being boosted by several significant positive factors, and the overall atmosphere is clearly heating up:
Positive news one: The Federal Reserve board member released dovish signals, suggesting a possible 25 basis point rate cut at the July meeting, providing policy support for risk assets.
Positive news two: Tether has again issued 2 billion USDT, indicating strong market demand for stablecoins, and the new liquidity is expected to accelerate the rotation market.
Driven by these positive factors, the altcoin market may enter a phase of 'blooming flowers', and investors can appropriately position themselves in high-quality coins supported by fundamentals and technicals.
Yesterday's recommended XRP and IDOL soared, and followers who joined made a lot of money. Ethereum broke through $3,500; next up is SOL, as well as the top twenty mainstream coins. You can position yourself in DOGE, AVAX, and BGB, which are good targets. Entering at current spot prices is fine; for contracts, it is advisable to consult with Sponge before positioning. Bitcoin is expected to break historical highs again next week; stay tuned!
Currently, as the market has progressed, it is already evident which assets are strong and which are weak. Positioning in these four major sectors is the best strategy.
Public Chain Track: SUI
US Concept: ALGO, HBAR, XLM, etc.
Meme Track: Pengu, Bonk, Pepe, Neiro, Pnut
DeFi Track: UNI, AAVE, ETHFI