Over the weekend, Bitcoin surged rapidly, skyrocketing by 120,000! Ethereum reached a new high, soaring by 4,300! In the last 24 hours, a total of 105,922 people globally were liquidated, with a total liquidation amount of $349 million! Last week, Miao Jie mentioned in an article that Bitcoin recently broke the key resistance level of 116,000, forming a potential double bottom structure. Pay special attention to the short-term rebound hunting for these highs above 120,000. Ethereum looks bullish this week, and Bitcoin and Ethereum have rebounded as expected. Fans who followed Miao Jie to go long and bottom-fish have made a lot of money.
BTC
The 4-hour downtrend line of BTC has been broken, and the pressure level of 118900 has also been breached. Bulls have fully taken control of the market, preparing to liquidate shorts. Currently, watch for support points above 120000 and above 119000. Where it stops and stabilizes is where to intervene.
Bulls should focus on 117300; as long as this price holds, bulls will continue to rise. The next target position is the previous high of 123000.
The next BTC movement has two possibilities:
1. Strongly break through 123300, pull straight up to 127700-128000, then pull back to 124000, and then step by step attack various resistance points to re-establish.
2. Strongly break through 123300, first reach 125000. Pull back to 122800-122400 once, confirm stabilization, then sequentially attack resistance points of 126850, 127850, 128800, etc., advancing step by step; if it can't go beyond 128800, it will need to pull back down to test the support at 122000.
ETH
The upward breakout continues over the weekend. The intraday high point tests the POC of the consolidation zone at 4,800 from four years ago. Without the support of U.S. stocks over the weekend, the two days saw a crazy surge that left no room for shorting, fueling the rise.
Focus on the price performance of the two support levels at 4150/4050. There are not many short-term profit-taking bulls exiting, and there is still demand for outside funds to enter. After the pullback ends, there is still momentum to push higher. There are only 500 points of space left to the historical high of 4,800. For the bulls of ETH, this is not a difficult task. The important thing is how to achieve it.
Upper resistance: 4360/4480/4660/4800; Lower support: 4150/4099/4050/4000
Altcoin
With Ethereum's strong rise, the Bitcoin market share index has already broken the trend line, which seems to signal the upcoming altcoin season. The focus should shift to Ethereum-based altcoins, and even meme coins will return to the Ethereum chain. Currently, the main narrative in the crypto world is the ETF bull; whoever has an ETF is bullish.
Tru: The RWA concept has a low market value and is worth paying attention to; it has the potential for rapid acceleration at any time.
odindog: It has started to activate; the pool has accumulated enough, and the market cap ceiling has been opened, with dragon one odinpepe having a market cap of over 120M. If the subsequent platform security audit passes, it is expected to surge violently. Also, it seems the main force of odinpepe is trying to test the sell-off, having dumped 15 BTC, causing a nearly 80% drop, then buying it back at the original price, likely testing how much selling pressure can be endured; about twenty BTC could go to zero, so be cautious if chasing highs.
XRP: There are two major narratives. One is cross-border payments, and the other is RWA, which are interconnected. After clearing up the legal disputes with the SEC, Ripple can fully unleash its potential. A close examination reveals that the cryptocurrency narrative guided by the U.S. over the past two years ultimately points to Ripple. In the short term, there are two major benefits awaiting. One is the successful application for a U.S. banking license, and the other is the approval of the XRP ETF, no later than October. By the way, there is also the BTC & XRP ETF applied by a Japanese consortium, which is a substantial positive.
