Bitcoin is currently under pressure at the resistance level of 114500-115000, oscillating around 114400. Last Saturday, Sweet Dream mentioned that I would enter Ethereum at 3300-3400 in batches; BTC: 112000-111000 (if there are changes in the bottom buying point, Sweet Dream will update promptly, please pay attention to subsequent updates). Sweet Dream went long at 112100 on Sunday and ETH at 3386, making a profit of over 500%. The current market is developing according to Sweet Dream's expectations.
BTC
Bitcoin broke through the channel over the weekend, reaching the previous high of 119.5k and rebounding, recovering into the original channel. The daily K-line saw a large bullish candle over the weekend, ending the previous 6 consecutive days of decline, with the price above the upper and lower bands. MACD bearish energy is shrinking, and smaller levels are starting to move upward. Does this mean we are about to welcome a comprehensive rebound?
Currently, the upward rebound of Bitcoin is not very strong, and there are signs of a downward pullback at a smaller level. Today should mainly be a consolidation.
Bitcoin's short-term price is also standing above the middle rail at the 4-hour level, with a main idea of shorting high and going long at low.
Resistance levels: pay attention to 11500, 116000, and 117000; plan to position around here for a short.
Support levels: 113000, 111870, 110480; the market will accumulate enough chips in the buying area before starting a new wave of market.
ETH
ETH rebounded from 3353 to around 3560, showing signs of stopping the decline at a smaller level, having formed a head and shoulders bottom pattern and breaking through the lower point of the 3560 USD box. However, the probability of a direct close above is relatively low; it may still pull back down before accelerating the rebound.
If it can break through the resistance level of 3713 USD, Ethereum can return to 3800 USD or even challenge 4000 USD without much resistance. Its trend may be stronger than Bitcoin, showing strong upward momentum.
Upper pressure at 3590, 3680, and 3730; short positions can be entered around here, with lower targets at 3500, 3400, and 3300.
Altcoins
Last Saturday, Sweet Dream recommended DOGE, PEPE, PENGU, ENA, LTC, and AAVE in the article, and this afternoon chased high with MAGIC, with ENA making a profit of 804%.
CFX: A slight rise in ETH causes CFX to pull up strongly! Low leverage can be used for long positions! Target at 0.268, stop loss at 0.2!
PENGU: Currently, two altcoins are very promising in the short to medium term, one is PENGU and the other is $CFX! Both are performing strongly! PENGU is moving very solidly! There have also been large orders buying in. Following this momentum, it is not impossible for PENGU to hit new highs or surpass its historical peak again! There is a reason for its value; don’t be greedy for cheap, and don’t be afraid to buy when it’s expensive!
MAGIC: It has now reached near the daily resistance level! If this resistance is broken, it will reach around 0.27! In this market, there is a high probability of a push upward! Moreover, as long as MAGIC leads well, the subsequent altcoins' upward momentum will be very strong! You can wait for MAGIC to break upward, and once it does, decisively chase it! Of course, I suggest using a small position.
TON: The pattern is also good, and a descending wedge has appeared again. You can buy near the current price of 3.56u, just leave some room for additional purchases, trying a short position for high returns, because every time it touches the lower support line, there will be a rebound, and it is generally in an upward trend, likely to continue an independent market.
On-chain
$emmm: I feel this is a leading meme in its sector, somewhat like the previous $bonk's useless, and looking at the community, there are many real players. Currently, the K-line is consolidating sideways and should be close to a large surge, and there is four consistently supporting it, just go for it when it doubles.
mask: A community with over 10,000 members, a cult of small cats, has a market maker but no giant whales. It was mentioned in the third phase that the market maker has absorbed about 30% of the chips, retail investors have been sufficiently washed out, and preparations are being made for takeoff. Upon closer inspection, the market maker has been gradually accumulating below 12m, with an average cost around 8m. In the past two days, there has been an increase in volume; now that it has started, continue to monitor for positioning, showing strong market maker characteristics.
baobao: bonk's certified baobao on ins is bonk's brother; the market maker has absorbed 25% of the chips below 2.5m, the head cluster absorbed 11%, and non-cluster absorption is 14%. The signs of market maker involvement are quite obvious, and it is currently accelerating its accumulation. I feel there are not many domestic players; be patient and hold, and wait for the market maker to finish accumulating before taking off.
This week’s turning point
(1) US Treasury Bonds
The US Treasury will issue a large amount of new long-term government bonds for three consecutive days (August 5 to 7). If this bond auction does not go smoothly, such as buyers being unenthusiastic, then to attract investment, the yield on US government bonds may be forced to rise, putting pressure on non-US assets including cryptocurrencies.
(2) UK interest rate decision
A UK rate cut essentially means Europe believes the dollar is about to peak, which can be said to boost sentiment for all risk assets (crypto market).
