After the sharp drop in Bitcoin and Ethereum yesterday, there was a slight rebound. Currently, Bitcoin is fluctuating around 115700, and Ethereum is fluctuating around 4290! In the last 24 hours, a total of 109,136 people globally were liquidated, with a total liquidation amount of $434 million.
BTC
Yesterday, Bitcoin's trading volume was relatively large during the decline, indicating that selling pressure for Bitcoin remains strong, and it is very likely to continue to drop.
The daily trend line for BTC broke yesterday, and currently, it is in a fluctuation and downward trend at the hourly level. After a fluctuation last night, it rebounded upwards, capturing FVG liquidity. I personally believe it still leans towards continuing the downward structure, continuing to watch for tests of 115000, even 114000. If support holds, then there will be an intraday range of 11.45-11.85 for long and short.
The support below is at the 112000 position; if it does not break, the daily trend remains upward. This is where to accumulate chips at the 112000 position, still bullish and looking to go long. Pullbacks here can be bought in batches, with heavy positions below 111800.
ETH
Ethereum briefly stopped falling around 4370 after breaking below 4400, then rebounded above 4570, with two days of fluctuation and adjustment over the weekend before coming back down, starting Monday with everyone being trained to be bears.
Currently, the market has dropped below 4300 and is fluctuating with a rebound, but I feel the market hasn't finished yet. I can't guarantee it will break below 4000, but it definitely needs to test the area nearby. So, as soon as it approaches 4200, you can decisively act, with heavy positions at 4034.
Can ETH still rise 40%?
In November, the Ethereum Fusaka upgrade will go live: this is a real performance-enhancing upgrade, speed will increase by 25 times, not the previous kind of conceptual hype. Looking back at history, every upgrade has almost ignited the market, and this time it has even more value.
In October, ETH spot ETF is expected to be approved with staking features: this means holding the ETF will yield about 3% additional income, directly outperforming traditional investment returns like US Treasuries and Coca-Cola dividends. How could Wall Street funds not be tempted?
I judge that these two positive factors are the core driving forces for ETH in the second half of the year. Short-term looks like a correction, but long-term it is a buildup.
Before the Federal Reserve cuts interest rates, it is all an opportunity; whether you can seize it depends on how fast everyone acts.
No matter how the market moves, the whales need to offload, so they will push prices up. In the meantime, there won't be another chance for everyone to get cheap chips to enter the market. This reality cannot change.
Those who say the bull market is over, the bear market has begun, and the whales are offloading, they might have already entered to go long, buying the dip faster than you can react.
Everyone should not pay attention to what others say, but rather watch what is happening in the market and what the main players are doing.
There is selling pressure from Ethereum redemptions in the market, but major institutions are continuously buying, why? Because they want to push prices up and continue rising. The main players will not let the chips from this redemption selling fall into the hands of retail investors at very low prices. While everyone waits for Ethereum to drop to pick up some cheap chips, institutions have already absorbed the selling pressure.
The ultimate goal is to let retail investors chase highs and buy their stocks. This is the truth.
Altcoin
Buying the dip on altcoins mainly involves buying some quality altcoins. Two directions: one is the Ethereum ecosystem, and the other relates to RWA. We are still in the process of a bull market; even a few days ago, knowing the market would correct, I still did not short, waiting for the drop to better acquire chips.
Right right will buy the dip altcoins: LTC, SOL, XRP, SUI, PEPE, Dogecoin, MAGIC
