Bitcoin is still fluctuating between 113000 and 116000. Ethereum has risen to 3700.
BTC
Bitcoin was suppressed by the resistance level of 116000 yesterday and did not fall deeply, with active buying support. The small-scale structure looks bullish, with the lows held and forming an upward channel, with support levels coinciding with Fibonacci 0.618 and the 15-minute Vegas channel. If it stabilizes above 115500, a continuation of the rise can be expected; if it breaks below 112800, it may fluctuate downward, paying attention to support at 112000/108000.
Strategy: short at 115500, long at 114200/113500.
Some say institutions are collectively reducing their positions, is Bitcoin going to have a problem?
In the past week, there were rumors that BlackRock was panic-selling BTC and ETH, with large outflows from the ETF between July 30 and August 5, but outflows do not equate to selling.
BlackRock transferred BTC (300 coins per transaction) to Coinbase Prime, with only part transferred to Coinbase's hot wallet actually sold, leading BTC to decline from 118900 to 111950 last Friday. Coinbase Prime is an institutional OTC platform, and its trades do not affect market prices. Blindly being bearish is a cognitive bias; it is necessary to follow BTC's subsequent flow to judge the real selling situation.
ETH
Ethereum's recent strong rhythm is slightly weaker, but not as noticeably weaker than Bitcoin, appearing relatively strong. Ethereum still has hope to rise to 3800, currently facing resistance at the small wave high of 3730 (those who bought at 3570 can take some profits), breaking through this resistance level to look for 3800.
The current price is a typical 'cup and handle' pattern. If it follows Bitcoin's rise and breaks the neck line with volume, it is expected to start a new round of increase.
Resistance levels: 3730, 3800; those who haven't shorted can consider high shorts around here; support levels: 3660, 3600, 3530, can close shorts and go long.
Altcoin
TST suddenly plummeted from $0.04960 to $0.01547, halving its market cap.
The BNB Chain team used TST as a sample token in the Four.meme platform token creation tutorial released on February 6, 2025. CZ retweeted the video, causing TST to skyrocket. Subsequently, CZ clarified multiple times that he did not endorse TST, but this indirectly increased its popularity.
Looking back, this is actually CZ's strategy.
With such a large exchange and such a mature leader, they wouldn't casually bring up a coin unrelated to themselves. Ultimately, TST is just a currency led by CZ.
From ACT to Mask to TST, these malicious schemes of harvest are all the same.
Long-term sideways movement creates a false impression of bottom accumulation, and a sudden surge makes everyone think it’s about to start, attracting retail investors to enter, only for the big players to instantly crash the market by 50% for a violent harvest! (It is advised not to have faith in new coins; nearly all BSC projects, ALPHA projects, and newly launched coins in the past one or two years have been spiraling down, none of them have a vision.)
On-chain
Various platforms on-chain are rising and falling, but they all rely on hype to drive the market. In the past few days, trolls have been continuously pushing the market, which has driven some old Pump ecosystem coins. The market share of Pump is gradually warming up, as can be seen from the coin prices. Whether this can continue in the future needs to be observed.
Buying other coins on the $pump platform now is all about making up for the rise. Leading the way, the leader breaks through the previous high, parabolic rise: $troll
First layer, breaking through previous highs, creating new highs: $tokabu, $wizard, $blob, $monke, $salary
Second layer, hovering near previous highs: $usduc, chillhouse, $neet, trencher
Third layer, yet to touch the previous high: housecoin, $mask
