Bitcoin is temporarily consolidating in a narrow range between 104000 and 115500 under the pressure of 116000, while Ethereum has rebounded sharply to 3700 and is currently fluctuating around 3675. In the past 24 hours, a total of 100,796 people globally have been liquidated, with a total liquidation amount of $240 million.
Bitcoin
Bitcoin encountered resistance at the pressure level of 116,000 USD and fell back to the mid-term trend line. At the same time, the trading volume of the bounce in the past two days is significantly lower than during the previous decline stage, indicating that buying momentum is still weak.
The more likely development at the moment is that Bitcoin has not completed the A wave structure of this adjustment, and may continue to oscillate downwards to confirm the bottom of the A wave, with short-term support focusing on the 80-day moving average area.
Overall, if Bitcoin stabilizes above 115,000 USD in the short term, the next target will be the range of 118,800 to 121,000; Conversely, if it fails to break through effectively, it is likely to fall back and test the support around 113,950.
ETH
Yesterday, Ethereum had a strong rebound, breaking through 3700 USD, driving the ETH/BTC exchange rate close to the July high. The trend is significantly stronger than Bitcoin. The current structure indicates that Ethereum is still expected to challenge the upper bound of the rising channel in August.
Short-term support is located in the range of 3460-3380 (suggest setting take profit and stop loss at a 1:2 ratio, with the strategy valid for 3 days and expectations adjusted daily). The area of resistance above is concentrated around 3730 and above, making it inadvisable to blindly chase long positions in that area. If the trend strongly breaks through, the upper space limit reference range is 3866-3930.
Altcoin
Altcoins overall continue to closely follow the rhythm of the market, with some projects performing relatively strongly, such as ENA, MAGIC, RED, etc.; Among the new coins on Binance, SPK, KERNEL, NEWT have also been relatively active recently.
As the market matures, altcoins will increasingly resemble the stock market: projects lacking fundamentals will eventually become 'coin-selling machines', while valuable projects will reflect their growth potential as the market warms up. It is recommended to focus on mainstream coins with long-term value, such as BTC, SOL, BNB, BGB, DOGE, and consider opportunistic low-level spot buying.
A consensus has almost formed regarding the interest rate cut in September, and the latter half of August may welcome an expected speculation window. The pullback before the interest rate cut can be seen as an opportunity to add positions; however, once the policy is implemented, caution should be exercised regarding the short-term risk of 'good news being realized.'
uni: The trading strategy is quite clear: rise - pullback - range oscillation - rise, this process has provided multiple opportunities for layout in the 8-10 range. For those who haven't entered the market yet, continue to lay out at low points in this range. For those who have already laid out, it is recommended to hold on and wait for the rise; it is evident that UNI's daily line is still lacking an explosive trend!
pengu: A small-level signal of stopping the decline has appeared, and there is a descending wedge pattern, which is a bullish signal. Additionally, this coin is also a strong coin, and after a short-term consolidation, it is highly likely to rise again, possibly breaking through new highs. So, it is advisable to buy around the current price of 0.035u, and be sure to leave room for additional purchases.
magic: After starting a strong breakout last night, it has again risen strongly today, currently approaching the key support-resistance conversion area. Once successfully broken, it will have greater upward space. There may be a technical pullback in the short term, but if the buying power is strong enough, the possibility of continuing to rise strongly cannot be ruled out.
