Let me first mention the situation over the last couple of days. Over the weekend, a giant whale sold for profit, and the market saw another round of turnover. MicroStrategy also hinted at increasing Bitcoin holdings again. Right now, the most important thing is that the number of ETH stakers exiting the queue is still increasing, nearing 600,000 ETH sold.
The first half of the week is expected to see some back-and-forth range fluctuations. Altcoins will continue to test the support around Ethereum, so it’s a good time to pick up some strong altcoins like LINK, IP, DOGE, and LTC.
Additionally, I’ve noticed many friends are engaging in grid trading, which is more suitable for fluctuating markets. If there’s a long-term one-sided trend, you will have to deal with the emotions of missing out on sales, so be patient and stick to your trading strategy.
At this stage, do not let short-term price adjustments affect your confidence in the market. This correction is justified and not maliciously driven; it’s mainly some ancient whales selling over the weekend. Public companies will absorb this selling pressure, leading to turnover, which will raise the average cost in the market. When costs rise, the expectations of whales, including public companies, will also be high.
From a price perspective, Ethereum needs to test the support at 4150, and below that is 4050. Public companies will announce their increased holdings on weekdays, along with the prepared amount of funds, so the trend is not over yet. In the latter half of the week, the announcements from these companies will still push for new highs.
At the end of July, Ethereum was also hitting the 4000 mark, leading to a correction and a second test, then pushing towards a near historical high by mid-August. So, the corrections are opportunities to get into some strong altcoins.
In summary for the market, the overall trend hasn't been broken yet. Adjustments are normal and are opportunities to get in before interest rate cuts.
This week's focus on macro data is mainly on Old Powell's speech, which is on Saturday. If he clarifies his stance on the expected interest rate cut in September, it will essentially be a turning point for volatility, breaking the range. Currently, the market predicts the probability of an interest rate cut is still over 80%.
My insight on the secondary market is that at this stage, don't waste time on impulsive day trading. It’s better to hold a few strong altcoins and narrative-driven coins for peace of mind, like reducing positions in UNI at 7.6, which still holds a substantial profit today, with the peak having doubled. Of course, the strategy is to take out the principal when it doubles.
Regarding the previous SUI and PEPE recommendations, those who have held them until now have made profits. Therefore, I sincerely do not recommend day trading during this time. Instead, pay more attention to the trends of your accounts and consider how you would choose to act based on the daily fluctuations.
Actually, after Crab Boss suggested that Ethereum be bought by public companies in June, his view and mindset this year have been inconsistent with past strategies, including a clear stance on each project, stating which are for speculation and which are for the long term. When large funds and ETFs are affected by the market's downturn, they may drop below the cost price, and when finding range support, they should add to their positions.
In the long run, these projects will gradually become more regulated, and only a few will survive.
In a short period, OKB has surged 1.5 times, which has strengthened Crab Boss's belief that significant hot spots will emerge in the future. Therefore, do not go all-in. If you go all-in and then a big hot spot appears when you have no position, it will be very uncomfortable. Make sure to leave some funds available to give yourself an opportunity and also believe that the market will present such an opportunity.
A calm mindset is crucial for enduring longer in the market. After planning a strategy, just execute it strictly and leave the rest to time.
Do not let emotions dictate your thinking.
Those who are currently confused mostly lack confidence in their holdings. Since you are not confident, you can choose to sell.
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