Bitcoin is currently under pressure from the resistance level of 114500-115000, oscillating around 114400. In Saturday's article I pointed out that for Ethereum the entry points of 3300-3400, and for Bitcoin 112000-111000 can be entered in batches (strategy changes will be updated promptly), the points given in Sunday’s article were very clear. I went long on BTC at 112100, and ETH at 3386, making over 500% profit, and currently, the market is developing according to my expectations.
BTC
From the trend, Bitcoin fell below the channel over the weekend, rebounding near the previous high point of 119.5k, returning to the channel; on the daily level, a big bullish candle over the weekend ended six consecutive bearish candles, the price stands above the upper and lower bands, MACD bearish energy is decreasing, and a small scale begins to oscillate upward. However, currently, the rebound strength of Bitcoin is not strong, there are signs of a pullback on a small scale, and today is likely to be dominated by oscillation.
In the short term, the price on the 4-hour level is above the middle track, the day's thoughts are high shorts and low longs:
Resistance levels are at $115,000, $116,000, $117,000, short positions can be arranged here;
Support levels are at $113,000, $111,870, $110,480, the market may start a new trend after accumulating chips in the buying area.
ETH
Ethereum has rebounded from $3353 to around $3560, showing signs of stopping the decline on a small scale, has formed a head-and-shoulders bottom pattern and broken through the low point of the $3560 box. However, the probability of a direct rise is small, and it may first pull back before accelerating upward;
If it can break through the $3713 resistance level, returning to $3800 or even challenging the $4000 resistance should not be difficult. Its trend may be stronger than Bitcoin, with sufficient upward momentum.
The same high short strategy for the day: upper resistance levels at $3590, $3680, $3730, can enter short positions here; lower targets focus on $3500, $3400, $3300.
Altcoin
Yesterday recommended to him, on Saturday recommended DOGE, PEPE, PENGU, ENA, LTC, AAVE, among which ENA has yielded a profit of 804%;
Chased high on MAGIC this afternoon. Specifically:
CFX: Ethereum slightly rose and then surged strongly, low leverage can go long, target $0.268, stop loss $0.2.
PENGU: Along with CFX, it is one of the altcoins I am optimistic about in the short to medium term, with strong performance and continuous large orders being bought, based on this momentum, it is expected to reach new highs or even surpass historical highs, 'there's a reason for the expensive,' no need to be greedy or fear high prices.
MAGIC: Currently reaching near the daily pressure level, if it breaks through the resistance, it may rise to around $0.27, the probability of a strong upward movement in the current market is high; if MAGIC can lead the rise, the overall upward momentum of altcoins may strengthen, it is suggested to wait for the breakout to decisively enter with a small position.
TON: The shape is good, showing a descending wedge, can go long near the current price of $3.56, reserving space for additional purchases, trying to go long in the short term - as each time it touches the lower support line it rebounds, and is overall in an upward trend, hoping to continue an independent trend.
On-chain dynamics:
emmm
Feels like a leading meme in the track, somewhat like the previous $bonk on useless, and seeing many real players in the community. Currently, the K-line is consolidating, should not be far from a big surge, and with four continuously supporting, directly going for it to double.
mask
The community has over ten thousand participants in 'cult bandit kittens,' there are dealers but no whales, previously mentioned that dealers have accumulated about 30% of the chips, retail investors have been sufficiently washed out, preparing for a rise; observation reveals that dealers are gradually accumulating below 12m, with an average cost of about 8m, in the past two days increased volume has started, when it starts can continue to pay attention to find opportunities to intervene, showing strong dealer characteristics.
baobao
As a 'brother' certified by bonk on Instagram, the dealer is accumulating 25% below 2.5m (11% in top clusters, 14% non-cluster), signs of accumulation are obvious, currently accelerating the accumulation, with few domestic participants, it is recommended to hold patiently and wait for the accumulation to finish before the rise.
This week two turning points need attention:
U.S. Treasury Bonds: The U.S. Treasury Department will issue a large amount of long-term Treasury bonds continuously from August 5 to 7. If the auction lacks enthusiasm (low buyer interest), it may be forced to raise Treasury yields, putting pressure on non-U.S. assets, including cryptocurrencies.
UK interest rate decision: A rate cut in the UK essentially means Europe believes the dollar is about to peak, which will boost the sentiment of all risk assets, including the cryptocurrency space.