Bitcoin is fluctuating around $116,600, and Ethereum surged to $4200. Don't be fooled by the rapid drop earlier in the night; it quickly rebounded around two o'clock in the morning, specifically designed to lure you into panic selling! In the last 24 hours, a total of 101,923 people were liquidated globally, with a total liquidation amount of $370 million.
BTC
Bitcoin has broken the resistance at $116,000, showing a potential double bottom pattern with a strong rebound. Recently, Bitcoin successfully broke through the key resistance level of $116,000, forming a potential double bottom structure with strengthened technical patterns. In the short term, as long as the price does not fall below $116,200, the market remains strong. Even if there is a pullback, as long as the daily line does not fall below $114,800, it is still not advisable to go short.
Although Bitcoin seems to have broken out of a downward channel, there is strong rebound momentum in the short term. It is particularly important to note that it may continue to challenge the high point above $120,000 before making adjustments. Therefore, during short-term operations, if the price does not break these support levels, it is advisable to be cautious about going short.
ETH
Ethereum is forming a non-standard W bottom pattern, with strong bullish momentum in the short term. Currently, Ethereum is in a slightly non-standard W bottom pattern. From the large-scale indicators of the daily and weekly charts, it is expected that ETH will continue to rise next week and may set new highs. The MACD on the 3-day chart is accelerating in bullish momentum, and the weekly MACD also shows enhanced momentum. On the monthly level, there is a long-legged bullish candle, presenting a typical bullish signal.
Currently, after Ethereum breaks $4066, it quickly points to $4220. It is expected that the first major resistance level of $4112 will turn into support. If the price pulls back to this level, it is recommended to add positions in a timely manner.
If you don't have a long position in ETH at this time, I have two suggestions for today until next Monday:
1. If it pulls back to the range of 3988-3980, enter immediately, with a stop-loss set at 3924.
2. Once it breaks $4066, chase the rise directly, using $4000 as a defensive level. A stop-loss of a few points to target a potential profit of 800-1000 points offers very high value! Remember, do not go against the trend.
The key factors for Ethereum to rise to $5000
From a technical perspective, Ethereum needs to first break and stabilize above $4100 to reach $5000, and the four-hour level should not be engulfed by a bearish candle. However, based on previous situations, this is challenging, and there is also the need for news momentum, as liquidity has not changed significantly.
The next two weeks are golden days for making money, similar to the two weeks in mid-July. The Federal Reserve's meeting minutes on August 21 may need to be adjusted. We will pay attention to this at that time. In the last week, we will start to reduce leverage and wind down positions.
Altcoin
Yesterday, Sponge recommended PENDLE, TREE, IN, and Sponge made a killing. Sponge's contract trading is still progressing steadily. This market is occupied by derivatives, and combining them with spot trading can reduce spot risk. Those who need more information can continue to contact Sponge.
After Ethereum's surge to $4300, which altcoins will see a rebound?
With Ethereum's strong surge breaking $4300, the altcoin market has not yet followed suit. Many altcoins have not returned to their July highs. Therefore, looking for those altcoins that have not yet rebounded may be a good strategy at this time.
Solana (SOL)
Solana's recent trend has been straightforward, rebounding after pulling back to daily support, currently attracting significant capital inflow. Although both US stocks and A-shares have siphoned off some capital, the current market is still in a stage of stock capital competition, making this an excellent time to build positions. The target is around the daily resistance level of $200, and SOL is expected to continue to rise, with a breakthrough of $300 also very likely.
BC
The BC coin, currently with a market value of only 500K, seems quite cheap. It is worth mentioning that CZ is still using the same avatar, which makes many investors feel that this project has great potential. In comparison, similar products like Donkey have reached a market cap of 20M. If BC can see a 'dead cat bounce,' it could bring significant gains.
MEMEFI
Currently, the price of MEMEFI is around $0.29. For a short-term rebound, consider going long with a target around $0.32. After reaching the target, you can set a stop-loss for protection and decide the next move once the market trend is further confirmed.
