Today is August 7, the start of autumn. This means that the hot summer days will slowly transition into the coolness of autumn, which is the natural law of seasonal change. But this does not mean that the high temperatures of summer will drop immediately— even if autumn has arrived, there may still be an 'autumn tiger' continuing the heat for a while.
This is very similar to trading in the cryptocurrency market; for example, when you see signals of a peak or bottom on the chart, prices sometimes continue to rise or fall due to inertia.
In the past 24 hours, a total of 86,805 people have been liquidated across the network, with a total liquidation amount of $181 million. Long positions were liquidated for $74.8349 million, and short positions for $106 million.
BTC
This slight correction in Bitcoin shows that the 112,000 area has already provided effective support twice on the 4-hour chart. Although it has not broken 115.8k, the premium has suddenly surged, and U.S. buying is returning. This suggests the market may be attracting short sellers. After all, it is a horizontal resistance level, with a small stop loss, but I will not short.
If the price briefly breaks above 115.8k and then retreats, and the premium drops significantly, then shorting becomes cost-effective. If after breaking 115.8k the premium does not decrease and does not break the previous high, then it can be pursued for long positions.
Today's focus: support levels at 112,000 / 109,500; resistance level at 116,411; the price is gradually approaching 116,411, if the trend remains unchanged on the right side, 116,411 is almost certain to be touched!
ETH
Ethereum has returned to $3,700, and this downward channel seems to be becoming more apparent. If it continues to rise to test the upper edge of the channel, the target will be at 3754, just breaking slightly above the left-side high. Strong coins lead the way, and only then can altcoins hope to rise with the market. The current logic of buying more as prices fall is valid, and with the expectation of interest rate cuts in September, this week may be the best buying opportunity.
Today's focus: support levels at 3,486 / 3,339; resistance level at 3,892; the current key points are at 3,605/3,725, waiting for the main force's directional choice!
In terms of operations: the spot market remains consistent with yesterday; if there is continuous reshuffling at the monthly level, pay attention to whether there are opportunities for deep squats between the 13th and 18th. At this moment, for some quality altcoins that have dropped to this year's previous low neckline, consider starting with a bottom position!
Altcoin
Aside from a few new coins and some low-market-cap coins with high control (like THE, GNS, TUT, etc.), most altcoins are basically oscillating, lacking attractiveness, and even leading coins are currently in a terrible decline.
This market is always counterintuitive; everyone thinks the altcoin season has come, and there will surely be a big bearish candle that will hurt the bulls badly; just when you are despairing and cursing, the market quietly injects liquidity and secretly rises when you have no positions.
From ACT to Mask, and then to TST, the harvesting tactics of these malicious market makers are strikingly similar:
First, they create the illusion of bottom accumulation through long-term sideways movement, inducing investors to believe the accumulation has ended and is about to start. Then they suddenly surge, attracting retail investors to swarm in, and afterward, the market makers quickly dump 50%, completing a violent harvest.
Just buy the junk altcoins, buy one without a sound~ The market makers are terrible! Aside from quality leading altcoins, other junk coins are not worth looking at~
Extremely bad! Bonk and Pump teamed up for a double act
It’s also about harvesting retail investors, the timing is seamless, as if it was preordained. They take turns for a few days, and when one side acts, the other side does not interfere at all.
The market is always fluctuating, but trends do not lie. If you are still chasing highs and cutting losses every day, you might want to stop and think— are you playing in the cryptocurrency market, or is the market playing you?