The market has really been a roller coaster in the past two days.
BTC fell from a high of 124K to 115K testing support, while ETH also lost 4400, with total market value shrinking nearly 5%, dropping from the 4 trillion mark.
Altcoins are faring worse; #DOGE's golden cross was just revealed and then crushed by bears, evaporating over 10% in 24 hours. Many people were glued to their screens over the weekend, but I prefer to see this as a 'minor episode' in the bull market.
This wave of decline is mainly caused by macro issues.
Next, keep an eye on two key points:
On August 22, there will be the Jackson Hole central bank annual meeting, where Powell will set the policy tone for the second half of the year.
Monday's data: Retail sales (expected 0.6%), unemployment rate (expected 5%).
If leaning hawkish, the market will likely oscillate for a while.
With Bitcoin and Ethereum crashing like this, is there still an opportunity?
I know many people are already questioning life, but there’s really no need to be too desperate.
First, let's talk about Bitcoin. Right now, keep an eye on the 112K neckline, which has strong support. Personally, I will consider betting on a rebound above, but I also need to beware of false breaks. In January, BTC also played a double top game, bouncing back and forth at the neckline several times before truly going down, so don’t expect a major market; capturing one or two rebounds in such a market is enough.
The worst-case scenario now is if it directly breaks the neckline and fails to recover, it could drop to 108,000, which basically marks the boundary between bull and bear.
But don’t be too nervous, usually it won’t crash all at once; it’s more likely to oscillate back and forth, unless a major negative news suddenly emerges (like the Fed not lowering interest rates).
As for Ethereum, the area around 4200 is a previous dense zone, it might hold here; the real strong support is at 4000 (which I’ve mentioned before, 4000 is a control line).
So, the market is quite simple: although this wave looks scary, opportunities are actually hidden within the panic.
How the market will move next largely depends on whether you dare to take action.
In July, I provided a bull market tier table, which is still applicable now:
It’s not a question of 'is this a bull market', but rather – which vehicle are you on?
Original reading: Bitcoin surged to 120,000, is ETH going to collapse? Will Sol and stablecoins dominate the new pattern? The layering pattern of the bull market is clear, and opportunities are hidden in these details!
The macro aspect is constantly changing:
Gemini applied for an IPO, aiming for NASDAQ, but declining revenue highlights competitive pressure.
An old ETH ICO wallet moved 1.5 million ETH (with a cost price of only 104 bucks), raising concerns about sell-off.
#LINK suddenly exploded, driving the oracle sector overall rise, reminiscent of the DeFi summer back then. As more assets go on-chain, the imagination for the oracle track is far from over.
My upcoming strategy
This pullback is more about macro disturbances + short-term profit taking, and it does not change the main line of the bull market.
BTC/ETH: Hold the key positions, pullbacks are opportunities.
Altcoins: Only play the leaders, don’t touch the second or third in line.
Operation: Allocate in batches, don’t go all in, patience is more important than anything.
The market won’t come every day, but it will come again. Whether you can seize it depends on your endurance.
Let’s wrap up the article here! If you’re still unclear about your direction in the crypto world, wait for you to come back, otherwise you might find yourself on the other side in the next wave of market.
