Bitcoin is facing resistance at the level of 114,500-115,000, currently oscillating around 114,400. On Saturday, Hai Mian mentioned in the article 【Sudden Plunge! Bitcoin Hits Bottom and Stops Falling, 'Killing Longs' Ends? Wall Street Flees! After ETH Drops 400 Points, Are There Greater Opportunities? Altcoins Have Bottom-Fishing Window! Can the Federal Reserve Lower Interest Rates in September?】 that I will enter Ethereum at 3300-3400 in batches; BTC: 112000-111000 (if there are changes to the bottom-fishing points, Hai Mian will update in a timely manner, please pay attention to the follow-up), Hai Mian went long at 112100 on Sunday, and long at eth3386, making over 500% profit!! Currently, the market is developing according to Hai Mian's expectations.
BTC
Bitcoin fell below the channel over the weekend but found support and rebounded near the previous high of 119,500, returning to the original channel.
On the daily chart, a large bullish candle on the weekend ended the previous six consecutive bearish days, with the price re-establishing above the upper channel line. At the same time, MACD bearish momentum has significantly reduced, and the short-term smaller scale market has entered a stage of oscillating upwards.
But does this mean Bitcoin is about to rebound comprehensively?
Currently, Bitcoin's upward rebound momentum still appears insufficient, with some signs of pullback in smaller cycles. It is expected that today will primarily be dominated by oscillation and consolidation.
Bitcoin's short-term 4-hour price has re-established above the middle track, with the intraday strategy focusing on high shorts and low longs.
Upper resistance level: Pay attention to the levels around 115,000, 116,000, and 117,000. If the price rebounds to this area, consider setting up short positions;
Lower support level: Pay attention to the areas around 113,000, 111,870, and 110,480, which are potential buying zones;
It is expected that the market will accumulate momentum in the support area, waiting for a new round of market initiation.
ETH
Ethereum (ETH) rebounded from $3353 to around $3560, showing clear signs of halting its decline. It has currently formed a head-and-shoulders bottom pattern and effectively broken through the bottom of the $3560 range. However, the probability of a direct and continuous surge is low; a pullback confirmation action may occur in the short term, followed by an accelerated upward move.
If it breaks the $3713 resistance level, ETH is expected to return to $3800, even challenging $4000. The overall trend may be stronger than Bitcoin, showing stronger upward momentum.
The key upper resistance levels are around 3590, 3680, and 3730, consider setting up short positions in this area. The lower support levels to watch are 3500, 3400, and 3300, as potential targets for short-term dips.
Altcoins
Last Saturday, Hai Mian recommended DOGE, PEPE, PENGU, ENA, LTC, AAVE in the article. This afternoon, chasing high on MAGIC, with ENA yielding 804% profit!
CFX: When ETH rises slightly, CFX surges strongly! Low leverage can be used to go long! Target 0.268, stop loss at 0.2!
PENGU: Currently, two altcoins are highly regarded in the medium to short term, one is PENGU and the other is $cfx! Both are performing strongly! PENGU is showing solid performance! There have been large orders buying in, and if this momentum continues, it’s not impossible for PENGU to reach new highs or surpass historical highs! Value has its reasons; don’t be greedy for cheap prices, and don’t be afraid of high prices!
MAGIC: It has currently reached the daily resistance level! If this resistance is broken, it will reach around 0.27! In this market, there is a high probability of rallying upwards! As long as MAGIC sets a good precedent, the momentum for other altcoins to rally upwards will be significant! You can wait for MAGIC to break out and then decisively chase it! Of course, a small position is recommended.
TON: The shape looks good, and a descending wedge has appeared. You can consider buying near the current price of 3.56u, leaving room for additional purchases. Try a short-term long position since each time it touches the lower support line, a rebound occurs, and it is overall in an upward trend, hoping to continue an independent market.
On-chain
$emmm: It feels like this is a leading memecoin in the sector, a bit like the uselessness seen previously on $bonk, and from the community, there are many real players. The K-line is currently in a horizontal adjustment, and it should be close to a major rally, and there’s four continuously supporting it, just go for it when it doubles.
mask: A cult of over 10,000 members, there are operators but no whales. In the third phase, it was mentioned that the operator has absorbed about 30% of the chips; retail investors have been washed out quite thoroughly, preparing to take off. Upon closer inspection, the operator is gradually accumulating below 12m, with an average cost around 8m. It has started to increase volume these days, just launched, continue to pay attention and find positions, strong operator characteristics.
baobao: bonk on ins-certified baobao is bonk's brother. The operator has absorbed 25% of the chips below 2.5m, with the head cluster absorbing 11% and non-cluster absorbing 14%. The traces of manipulation are quite obvious. Currently accelerating accumulation, feels like there aren't many domestic investors. Hold patiently, and once the operator finishes accumulating, it will take off.
lolcoin: The narrative is the world's first memecoin, existing even before the term 'memecoin' came about, with lol_coin emerging as early as 2011. The operator is quite interesting, continuously trading chips back and forth, transferring about 10% of the chips from clusters to non-clusters, which indicates an attempt to hide the traces of manipulation. Is there something going on? Worth paying attention to.
This week's turning point
(1) US Treasury Bonds
The US Treasury Department will issue a large amount of new long-term bonds for three consecutive days (August 5 to 7). If this bond auction does not go smoothly, for example, if buyer enthusiasm is low, then to attract investors, the yields on US Treasury bonds may be forced to rise, putting pressure on non-dollar assets, including cryptocurrencies.
(2) UK Interest Rate Decision
A UK interest 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).
Brothers, come gather here quickly!
