Last night, favorable CPI data saw Bitcoin peak at 120,000, and Ethereum surged to 4600, just 200 points away from the historical high of 4868. This week is expected to break 4868 and set a new historical high. Sponge has held onto the long position for Ethereum at 3686 since the bottom; yesterday Bitcoin’s strategy was to try shorting after the data peak at 120,000. Yesterday’s trend was as expected, reaching above 120,000 last night. Currently priced at 119350, there is a slight profit, and it feels like it won’t drop soon.
BTC Trend Analysis
Yesterday, Bitcoin pulled back to the upper edge of the downward trend line and successfully rebounded. During the rebound, the price encountered FIBO 0.5 levels and previous consolidation area resistance, leading to a short-term pullback. Although we can see bulls gradually entering now, the subsequent trading volume has not increased synchronously, indicating that funds are still waiting for lower price levels to enter.
In the short term, $118,000 will be a key support level. If this support holds, the price may continue to rise and test resistance above $122,000.
If the price further dips, the range of $116,000-$117,300 will become another important support level, which offers relatively high cost-effectiveness. If the price reaches this range, I tend to enter a long position at this level.
ETH Trend Analysis
After Ethereum broke the range, it has entered a strong upward trend. Currently, there are no signals of a significant pullback in the market. The daily level of the large trumpet pattern has been broken and has stabilized; unless the price drops back inside the large trumpet pattern, the risk of a crash has been eliminated.
Currently, ETH has broken and stabilized above $4440, with $4160 becoming a new support level. From the current trend, the path to $4796 seems almost unobstructed. Although there may be a brief pullback in the range of $4666-$4720, it usually provides an opportunity for additional purchases, and the overall bullish trend remains stable.
SOL Trend Analysis
A couple of days ago, Sponge advised everyone to accumulate SOL at the bottom, resulting in a massive surge. Congratulations on the profit, it's quite stable! A few thousand u in hand.
Today is all about weak adjustments, and pullbacks are opportunities for additional purchases. The SOL\ETH exchange rate shows a bottoming pattern within an hour; if the ETF is speculated next, it is highly likely that Sol will lead as the third mainstream coin for a rally.
If SOL breaks through $196.5, it is recommended to chase the rise directly. If the price does not drop below $195 today, it means that today’s pullback low will become the starting point for the next small wave. In this case, the highest point of $206 on July 21 is expected to be broken. Therefore, today’s offense and defense strategy is very clear.
Altcoin
With the trade war landing and interest rate cuts expected, a super bull market is coming. BTC rises first and then ETH rises; ETH is near a new high of around 4800. Next, mainstream coins will rise in turn, and the altcoin season is starting!
chillguy: You can chase a long position near the current price of 0.06u, as the pattern is in a descending wedge. The first peak is nearby, and currently, it looks like a sustained rise is likely, with a good chance of breaking through. Therefore, as long as it breaks through, there should at least be a wave of accelerated upward movement; you can take a small position to speculate.
OKB: Currently, there is still triple space in market value. The initial empowering benefits have indeed brought about a price increase, after all, it has been immersed for many years. However, for the subsequent growth of market value and valuation, it still needs to genuinely accomplish something, so we can look forward to it.
From the current trend of OKB, the pattern is quite stable. If it can maintain this momentum in the future, combined with the overall market environment and its own ecological development, it feels quite possible to reach 200 or even 300.
BGB: Currently, BGB among platform coins has not fluctuated significantly, but it is expected to welcome opportunities soon. I remain optimistic about BGB. This round of market trends will revolve around three keywords: compliance, coin stocks, and capital. Therefore, investors should pay attention to those coins or narratives closely related to these three keywords, as this will be the main theme of the current altcoin market. Platform coins, as representatives of company and entity operations, have empowering and application scenarios, and they are highly authentic. Investors can hold platform coins to let these platforms bring value growth.
vine: You can directly enter the spot market at the current price of 0.7, just reserve a position for additional purchases! The profit target is initially set at 0.15 and then at 0.3! Vine is one of the coins that Musk often promotes; each time it gets promoted, it can rise by 100% or even higher. It is very likely to be promoted again, and seeing the trend consolidating, it is highly probable that it will start to rebound.
