Last night, the CPI unexpectedly favored the markets, and Trump urged Powell to lower interest rates immediately! The US stock market, the crypto market, and the A-shares have all been hitting new highs recently, with Bitcoin surging to 120,000 and Ethereum soaring to 4600! In the last 24 hours, a total of 119,392 people have been liquidated, with a total liquidation amount of $515 million.
BTC
Bitcoin is currently fluctuating around 119,000. The box drawn in the hourly chart has been broken, but the upward momentum could not be sustained, and it is now retesting the upper boundary of the box. As long as it does not fall back inside the box, Bitcoin will continue to fluctuate around 119000.
Falling back inside the box, the lower boundary of the flag must be broken. Bitcoin is starting to show weakness, and the range of 119191-118179 may not hold. It is likely to be breached. Once 118179 is broken, the decline of Bitcoin will begin.
Short-term support: 118000. If this level holds, it can continue to rise and test the pressure level above 122000.
Second support: The range of 116-1173 is very important support, and the cost-effectiveness is still acceptable. I will choose to enter long positions here.
Ethereum
From the weekly level, Ethereum has continuously risen with large bullish candles, successfully breaking through all moving average pressures, presenting a bullish arrangement. It has released most of the trapped chips from the last bull market and is less than 300 points from its historical high, just 6%. This move is clearly aimed at reaching the historical high, and ETH will inevitably break through 4900 and hit new highs, so spot holders can continue to hold.
Currently, Ethereum is retesting the lower Bollinger Band at 4562, which is holding up well, and the pullback seems to be over. If it breaks through 4588 again, it can be directly entered. The target is aimed at 5000. In the short term, 4666-4720 needs to be tested. Ethereum has not shown signs of peaking yet, but after this wave of increase, there will be a correction greater than 20% (over $1000).
Altcoin
ETH has been reaching new highs consecutively. The market is now 100% certain about an interest rate cut in September, so the speculation will continue. It feels like a major altcoin surge is coming. Once Ethereum breaks through and stabilizes at a high level, funds will certainly rotate, as capital seeks profit and is not swayed by personal will.
When large funds rotate, there are actually not many optional targets. Therefore, assets like XRP, DEGE, ADA, LINK, SHIB, UNI, PEPE, etc., will definitely be re-matched according to safety and the current narrative price. Temporarily undervalued assets will be quickly filled with funds for a wave of increase. Recently, it's been a no-brainer bullish view on the pullbacks; the bold ones should be making money!
ETHFI: The continuous explosion of Ethereum has also drawn attention to Ethereum-related tokens like ENA and UNI, which have received some funding attention. ETHFI has formed a bullish flag; we just need to see when it breaks through. Once it breaks the flag, the target can be seen around $3. It is recommended to pay attention and follow up after the breakout!
GMX: GMX is stabilizing flat, with the previous guidance indicating a rise of about 20 or 30 points. Enter at 17.5 and set the stop loss at 15.5! The upper take profit can first be seen at 22 and then at 26!
LINK: Over the past week, especially after the announcement of income buybacks, LINK's increase has steadily outperformed ETH. As a monopolistic player in the industry infrastructure oracle sector, it has stable returns and is one of the beneficiaries of the RWA and DeFi leap forward. LINK should be one of the most fundamentally stable assets in this trend cycle. The performance in a bull market means good projects should reach ATH. LINK's previous high is 52; doubling that would complete the picture. LFG!
