Bitcoin continues to fluctuate in the 113000-116000 range, Ethereum surged to 3700. Sweet Dream's Ethereum long position at 3386 made a profit of 686%. There will be other significant increases, and Sweet Dream will continue to provide updates.
BTC
The rebound of Bitcoin since it bottomed on the 3rd does not show strength, as it did not increase significantly at the bottom, and is just a volume-reduced rebound, consistently constrained by 116000.
Currently, Bitcoin is in a daily downtrend channel, continuing to move in a weak consolidation state. It is highly likely that this is just a downward continuation, and 112000 cannot be maintained.
If the bull and bear are temporarily balanced here, then we must exchange time for space. Looking at the convergence triangle of the yellow upward trend line and the blue downward channel, the latest change can be expected by the 17th, and we should pay attention to the recent lows and highs to judge the upcoming market.
Strategy: Focus on the major support levels around 112000/108000. Short at 115500, 116000 under pressure, and go long at 114200, 113500 on dips.
ETH
Ethereum has been performing well, and it has once again broken through the original upward channel. Here we watch if Ethereum can stabilize at the midline of the daily Bollinger Band to maintain strength. ETH still has hope to reach 3800, currently facing some resistance at the recent high of 3730 (those who bought at 3380 can take some profits), and we will look for 3800 once this resistance is broken.
The current price pattern shows a typical 'Cup and Handle' formation. If it is accompanied by a Bitcoin rise and a volume breakout at the neckline, it may initiate a new upward trend, breaking historical highs!
Resistance levels: 3730, 3800, no short positions, participate in high shorts around here.
Support levels: 3660, 3600, 3530, go long when flat.
Altcoins
Overall, altcoins have rebounded alongside Ethereum. Except for a few stronger altcoins, the rest only showed slight follow-up rebounds. However, the BN Alpha sector has seen many 'meme' coins lately, such as MYX, which surged about 20 times in 4 days, and DONKEY, which surged about 10 times, igniting the entire sector.
BN Alpha, created this year, is expected to perform in such market conditions. The unified characteristics of the altcoins above:
① Low market cap: Market cap in the millions, easy to collect chips, can be raised with little capital.
② Low attention: Most people do not focus here, and it can be stealthily raised; by the time they react, it has already risen significantly.
Yesterday's sweet dream led many to ask me about altcoins to short, and my fans have already made a significant profit on the first wave, especially KERNEL and VINE, with KERNEL having a big gain; those who followed this wave have made substantial profits.
Are there still opportunities for altcoins? Where are the opportunities?
Expectations after interest rate cuts and the decline in Bitcoin's proportion. Capital outflow will take time.
1. BN updated the August reserve proof, significantly accumulating Bitcoin and Ethereum, while continuing to avoid accumulation of SOL. These are operations of the platform's own funds, generally obtained through platform income, not user assets, indirectly reflecting the platform's attitude. The increase in Ethereum is 30,400, a growth of 381423% compared to June.
2. The Japanese consortium SBI has applied to the Financial Bureau to launch a Bitcoin and XRP spot ETF, planning to list on the Tokyo Stock Exchange, along with a mixed public trust of Bitcoin and gold. This means that the previous issues affecting Japanese capital entering the cryptocurrency market due to tax rates will be significantly alleviated, allowing retail investors trading Japanese stocks to directly buy Bitcoin and XRP ETFs, and large funds from Japan and South Korea are finally about to enter the market.
3. The US SEC has issued a statement on liquidity staking activities, clearly stating that liquidity staking is not a security. As a result, LDO, RPL, and other staking sector tokens experienced a brief surge. This benefits not only the staking sector of E but also that of SOL, as well as the entire DEFI sector, paving the way for future staking ETFs, which is a long-term positive.
