After Bitcoin and Ethereum dipped again yesterday and confirmed the bottom range, the bottom-seeking trend has truly come to an end; what follows is a rebound and a second test, operating within the bottom-making range, which basically defines around 111,900 as the first bottom; making a bottom will still take some time, and the second test is the best position for bottom fishing. Let's wait together for Fed Chair Powell's speech tonight at 22:00.
BTC
BTC briefly broke below 112,000, and the second test at the 112k range halted the decline. BTC's weekly MACD is about to cross bearish, and the daily level has formed a bearish engulfing pattern, indicating further adjustment is needed, but this does not necessarily mean it will continue to fall. BTC's current position is a key support level, which may still trigger a rebound.
Bitcoin has now reached a critical turning point, with the upper descending trend line gradually approaching, and the distance from the previous low of 111,900 is not far. Bitcoin must give direction today:
(1) If there is a strong breakout and volume increase, you can follow in and go long after a pullback confirmation;
(2) If it is a false breakout or falls back directly, it is highly likely to continue weakening.
(3) I personally think a 'dead cat bounce' is more likely, meaning a short-term rebound, with the rebound target roughly recovering from the drop below 111,900 to 120,000. If it fails to rebound and directly breaks down, then decisively short.
Short-term support points: EMA30:111400, and then the weak support near the 110,000 mark: 2-day EMA 52:110295. The support after breaking these two positions is around 107450, and support orders for low absorption should be placed; the closer it gets to 110,000, the less you should chase shorts.
ETH
Ethereum is generally stronger than Bitcoin, but is constrained by BTC's movement and cannot show independent trends right now, with a fluctuation range of 4100-4350. Ethereum's K-line is about to stand above the 7-day line. The last time ETH stood above the 7-day line, it surged. It is expected that after the speech, as long as it meets expectations, it will surge again to the 7-day line position of 4350! Still maintain a bullish outlook!
(1) If it breaks above 4350, it will continue to rise to above 4550.
(2) Around 4600 is an important resistance level; it can be shorted.
(3) The daily support below is 3890-4100, and this range offers good cost-effectiveness for buying.
Ethereum spot ETF saw a net inflow of 288 million USD yesterday, ending four consecutive trading days of net outflow. This indicates that buying pressure for Ethereum ETF has somewhat recovered, making a short-term upward breakthrough for Ethereum more probable.
Strategy: Buy on dips near 4200, 4100, 4060.
Altcoin
OKB
OKB has once again broken through to a new high today, with a weekly increase of 5.8 times! Sweet Dream recommended everyone to get in at over 100 USD, constantly emphasizing that OKB can still rise and should be bought on dips. Those who followed Sweet Dream's layout for OKB have made a lot of money!
A short-term adjustment for OKB is inevitable, and after the price drops, you should be bold to buy in. Currently, there is a very obvious issue with the current market for OKB: overheating. Too much external funding and retail investors are rushing in too aggressively. This will disrupt the original plan of the market maker.
If OKB is to achieve a larger increase and higher targets, it must wash the chips and ensure chip control, and then move towards higher goals.
Let's talk about my expectations for exiting OKB:
First range: around $400-500 & This is a relatively reasonable price range, with a market cap of about $10 billion. In the future, OKB will no longer be just a platform token; the core valuation is roughly here!
Second range: around $1K-2K & If you want to look here, you need to bet on Lao Xu's layout. Currently, Lao Xu's control over the chips is completely sufficient for this operation, with timing, location, and people all favorable.
DOGSHIT: Yesterday, Sweet Dream recommended DOGSHIT in the article, successfully securing a 50x gain on the big dog DOGSHIT. At the time, private placements participated at 6 USD, now worth 300 USD, a fifty-fold increase, very comfortable.
The OKB chain has begun to explode completely, and it is the biggest opportunity. If you want to ambush the next 50x big dog, hurry and join the group!
FISH: Currently, both FISH and DOGSHIT are dividend coins. DOGSHIT has a market cap of 5 million, while FISH is just at 1 million, so it can be played with a small position.
EIGEN: Current price 1.34, planning to buy more if it drops. Holding time will be a bit longer. I am optimistic that Ethereum will reach new highs sooner or later. So, if I buy into the staking track, it will be this, similar to the $ENA recommended some time ago, which is strongly correlated with ETH, and the bottom hasn't risen much.
Tonight's market change
Tonight at 22:00 Beijing time, there will be a speech at the Jackson Hole Global Central Bank Annual Meeting, looking for signals on the Fed's recent interest rate outlook. This year will be Powell's last time participating in this central banking event as Fed Chair, as his term will expire next year. Brothers! It's that time again: 'One sentence can determine life and death'!
In Sweet Dream's view, September will definitely see interest rate cuts. Now various people are coming out to speak, and the main purpose is to stir the waters. In short, it's still the same expectation management game. Remember, before last year's rate cuts, it was also manipulated back and forth to exhaust emotions before the actual rate cut arrived. However, this is actually quite good, as it can create volatility and give real investors opportunities to get in.
We enter the crypto world to seize trends; we are not here to earn a salary but to make a fortune. The trend is right in front of you, if you don't seize it and miss this wave, you might have to wait another 2 years!
