Last night, Bitcoin and Ethereum had a sudden spike and drop, liquidating a large number of positions. The price has come back, but the positions are gone. Sweet Dream mentioned in the article that the intraday focus for Bitcoin and Ethereum was on shorting. Yesterday's market essentially unfolded as Sweet Dream anticipated. The shorts from yesterday are still held and were not closed in time, resulting in a significant profit pullback. Sweet Dream expects to take profit between 112000-113000, hoping the dog team gives an opportunity. Currently, I still hold the long position above 112100, waiting for a surge, short on the short term and long on the long term, calmly waiting for a market change!
BTC
Bitcoin closed yesterday's daily line with a long lower shadow bearish candle, indicating that the selling pressure is dominant, but there is still significant resistance below. Let’s see if it can break through that resistance today and surpass the lower Bollinger band. The current position requires cautious handling; do not enter blindly.
Last night, the price tested $113000 several times and was aggressively bought, likely to usher in a squeeze rebound, testing high-level selling. As long as there are no new actions from ancient addresses, it will continue to recover and rise, with the next rebound testing $114545.
Resistance levels: 114545 115248 Support levels: 112884 111655
ETH
Ethereum found support at $3545, but the depth of the correction only reached the 0.382 Fibonacci level, and the structure still looks insufficient. Recently, a collection of 14 whale wallets bought $3.16 billion in ETH, pushing ETH stronger. Institutions like ETH staking, but ETF funds continue to flow out. Pay attention to market volatility, ETH is testing the 5-day moving average, waiting for the market to recover from the decline, and is expected to test $3672 next.
Resistance levels: 3672 3737 Support levels: 3568 3488
BlackRock is offloading!
The world's largest asset management company BlackRock has recently been offloading, transferring a significant amount of BTC and ETH from its ETFs to Coinbase for sale. Not sure if BlackRock will continue selling when the US stock market opens tonight. It seems this time it's not just consolidation, but a real correction is on the way for a while, generally lasting about a month. Let's see if a good bottom can emerge in late August, so we can buy back at a lower price~
Altcoin
During the market’s bullish-bearish divide, altcoins exploded. MYX surged 21 times in three days, then was halved. BTC's market cap percentage continues to decline, showcasing the 'altcoin season' trend. Meme coins are collectively recovering, with pump hotspots like troll, house, and neet fully reviving. It’s worth noting that mainstream and platform coins are still in correction, indicating a lack of supporting funds, and the market still lacks new capital.
MYX:
MYX surged from 0.1 to 2.1 in less than 5 days, directly increasing by around 21 times. From the low point below 0.9 this morning, Sweet Dream had a significant entry. It has already doubled; let's continue this pattern for a chance at wealth! Keep pushing!
Sweet Dream has mentioned there are no more meme coins available. Do not recklessly short them; all short positions have been completely wiped out. This dog team is also quite strong and courageous, although they are pushing prices using the funding rate, it's still very intense. The last coin like this was TRB.
Many fans ask when to short?
Reviewing Banana 31 is enough. Banana 31 roughly had a rally for a week, and the profit-taking lasted for 2 days before it ended. Myx today marks the fourth day of increase. The funding rate is below 2% for the first time; let's see if it can reach 2.5 today. Myx is quite volatile, and I will notify the community immediately. You can pay attention.
MYX 10x in 3 days
How many people regret not acting sooner, seeing others earn a ton and becoming very envious? Once they can't help but enter the market, they end up getting caught in both long and short. In reality, only a few really make money in this coin, or they are masters who make profits consistently. Retail investors should minimize their operations in such meme coins. The two core values of making money are position size + volatility.
Are you willing to take a large position in meme coins?
Can the large position be held again?
Trading is not just about hindsight analysis; when you are truly in the market, you will find that theory is often hard to realize. Multiple corrections of 20%, 30%, or even over 40% would probably scare you away long ago. Understand your trading capability and only look for opportunities within that capability circle; that's how long-term stability can be achieved.
Altcoin shorting trend
The secondary spot market is becoming increasingly boring. Everyone came in expecting to earn tenfold, but it has now turned into a break-even expectation! However, many coins are still far from breaking even. Taking advantage of this sharp decline, I shorted the top three gainers from yesterday: magic, vine, and kernel.
The market is in a downward trend, and shorting altcoins is possible: those that have risen 5-10 times in the last two months, have inflated market caps, pure air market caps above several hundred million, showing signs of selling by the main forces, still at high positions, and newly launched coins without application, continue to decline.
