Last night, Bitcoin and Ethereum experienced a rapid surge and drop, causing a lot of liquidations. The price has returned, but positions are gone. Sweet Dream mentioned in the article that Bitcoin and Ethereum were mainly short during the day. The market movement yesterday largely followed Sweet Dream's expectations. The short positions from yesterday are still held, and not taking profit in time has led to significant profit drawdowns. Sweet Dream expects to take profit at 112,000-113,000 and hopes the market maker gives an opportunity. Currently, the long position at 112,100 is still held, waiting for a surge, short in the short term, long in the long term, and quietly waiting for the market to shift!
BTC
Bitcoin is in a fierce battle between bulls and bears, lacking a clear direction. BTC has tested 113,000 USD multiple times at night, all being strongly bought, and is expected to welcome a round of short squeezes. Next, it will test the rebound at 114,545 USD.
Currently, there is a pullback at the hourly level, perfectly landing on the 50% Fibonacci retracement level of the previous rise. If it can stabilize, it may continue to challenge 116,000 USD. However, the upper Vegas channel and 116,000 USD are dual resistances, making the risk of chasing long positions quite high.
Resistance levels: 114545 115248 Support levels: 112884 111655
If it cannot quickly break through 116,000 USD, there are two possible future trends:
① False breakdown, true explosive rise: The price quickly broke below the previous high support level of 112,000 USD and rapidly recovered, forming a 'false break' that triggered short covering and panic selling, achieving a rapid reversal. This kind of trend is more 'satisfying'.
② True breakdown, deep correction: The current daily level rise lacks structural support, and the daily correction is not sufficient, with a deep correction breaking below 108,000!
Sweet Dream is more inclined towards the first trend.
ETH
Ethereum found support at 3545 USD, but the pullback depth only reached the 0.382 Fibonacci level, structurally still showing insufficient strength. Recently, 14 whale wallets collectively bought 3.16 billion USD worth of ETH, driving ETH stronger. Institutions favor staking ETH, but ETF funds continue to flow out. Pay attention to market fluctuations; ETH is testing the 5-day line for a pullback, waiting for the market to recover its losses, and next will test 3672 USD.
Resistance levels: 3672 3737 Support levels: 3568 3488
Altcoin
During the market's bullish and bearish divide, altcoins exploded, with MYX skyrocketing 18 times in three days, then halved and exited. BTC's market cap share continues to decline, showcasing the 'altcoin season', with meme coins collectively warming up, and pump hotspots like troll, house, and neet fully recovering. It is worth noting that mainstream and platform coins are still in a correction, indicating a lack of supporting funds, and there is still a lack of new funds in the market.
Under the macro impacts of US stocks and tariffs, ETH has experienced some fluctuations. It is expected to welcome the market trend of interest rate cuts in September after mid-August. The bull market trend is undoubtedly strong, and all recent pullbacks are buying opportunities.
Sweet Dream mentioned multiple times in late June about the altcoin season driven by liquidity expectations. Unfortunately, the Federal Reserve did not unleash large-scale liquidity in August and instead chose to tighten the faucet. It's time to fasten the seatbelt and be cautious of market fluctuations.
MYX:
MYX is too strong, and it has soon broken through 2 U again. This wave was a buy below 0.9 this morning, and it has already doubled. Continue the pattern, let’s get rich, keep pushing!
Many fans are asking when to short?
Review Banana 31, that’s all. Banana 31 roughly pushed for a week and harvested for 2 days. Myx today counts as the fourth day of rising, and the funding rate is below 2% for the first time.
Previously, those who went long and short with Myx needed to clear out to continue pushing up. Let's see how long the upper shadow of Banana is. At that time, it almost surged into the top 100 in market cap, now Myx is still at 160 in market cap, with upward space. Today, let's see if it can reach 2.5. Myx fluctuates quite rapidly, and I will notify the community at the first time. You can pay attention.
The secondary spot market has become increasingly boring. Everyone's expectation of earning tenfold has turned into a break-even expectation! However, many coins are still far from breaking even. Taking advantage of this sharp drop, I shorted the top three gainers yesterday: magic, vine, kernel.
The overall market is in a downtrend, and one can short altcoins: those that have risen 5-10 times in the last two months, with inflated market caps, purely air market caps above several hundred million, showing signs of selling by the main force, still at high levels, and newly launched coins that have no application, continue to decline (specific coins, please pay attention to get).
Market capitalization expectations, a thousand times big profits — RGB
The total amount of RGB is 21 million pieces. Based on past new offering experiences, one can hit 1000, but it could also be 100. We'll have to wait until the new offering to know.
Bitlight Labs, as the regular army of the RGB sector, is currently the absolute leader in the market, with a relatively low market cap estimate based on an initial market cap of 21 million. 1 RGB = 1 U, if one can hit 1000, with the current GAS level around 1 U (GAS will increase during new offerings), 1 = 1000 U, a thousand times big profits are not a dream!!!
Of course, if one can accept 100 for 1, that’s fine too. As long as the GAS doesn’t rise to 100U each, it can be considered. The market cap estimate for GRB at 21 million is still relatively low, and we still need to see the subsequent ecological development.
