Last night Powell made a dovish statement, hinting that there might be interest rate cuts in September, and the probability of rate cuts has surged again, breaking previous highs! BTC and ETH surged in response! Ethereum even broke its historical high! In the past 24 hours, 182,819 people were liquidated globally, with a total liquidation amount of $770 million! Recently, I have been emphasizing in the articles that before Powell's speech, buying the dip is crucial. Fans who followed my advice to buy the dip have made a lot! This drop offers a guaranteed opportunity for bottom buying.
BTC
Last night released interest rate cut signals, BTC surged in response! Currently, BTC from the daily chart perspective shows a big bullish candle rebound, with a significant increase in volume, and a large amount of capital entering to buy the dip and support. MACD golden cross indicates a continued demand for rebound. However, it faces trend line resistance, short-term pullback is needed. Recently, I do not recommend anyone to short. Since the direction chooses upward, it’s good to continue breaking upward. It is suggested to mainly buy on pullbacks. Currently, support is around 112000. After a pullback, it will continue to rise.
Four-hour level, significant increase in volume, looking to buy on a pullback near 115100, add position at 114500, stop loss around 114000, target near 118500. Weekly level, pullback to 112000 prior high not broken, bullish trend has not been damaged.
It is suggested to continue holding coins for the previously bottomed cryptocurrencies and wait for an increase. The main strategy is to continue buying on pullbacks. Currently, we should be in a sideways volatility market. Just like that, when in despair, the market reverses. This bull market is not over yet.
ETH
Yesterday ETH increased by 15% overnight, directly recovering last week's decline, reaching new highs! However, it should be noted that the red line in the chart is the previous high position. In the four-hour chart, it can be seen that the attempt to challenge the previous high has not succeeded, and it closed with a bearish candlestick, indicating there is an expectation for adjustment.
For partners who are suggested to get in together, especially HeYue, most should be sold here. I have also taken profits on most, either wait for a pullback to buy low, or confirm a real breakout to chase.
The most asked question by friends now is
1. Can I still get in now?
To be honest, chasing after rising prices is not my strong suit. If we're talking about pullbacks, 4500-4600 is a wrong buying position.
2. Where will ETH go?
ETH breaks 4800, above is the starry sea. Based on BTC's top of 600,000 USD, now BTC is 120,000 USD. If ETH breaks the top and doubles, it should be around 10,000 USD. However, ETH also needs to rise slowly, it can't go that high all at once, first break 4900!
Altcoins
Yesterday, Powell's speech was dovish, increasing market bets on interest rate cuts. Ethereum remains the leader, pushing altcoins forward, market sentiment is improving, and we can focus on these potential altcoins recently!
PENGU: It has been adjusting within a channel for a month. Once it breaks upward, it will start its main wave, and at that time, it can be followed!
ORDI: Let’s pay respects first! After a big wash, returning to the opening price on Binance after a year or two, it has long changed to foreign funds. Just go for it, 13.2 is a small resistance, breaking it will see the current price double, pulling all the way to liquidate shorts is not a problem!
LINK: Most RWA will need oracles, and its recent performance has indeed been strong. I have been doing a coin-based grid strategy long-term, which means I don't have to worry about it going to zero, and it’s a type I can hold for a long time with a stable mindset, aiming for a 50 this year.
We enter the cryptocurrency circle to seize trends. We are not here to earn wages; we are here to get rich. The trend is right in front of you. If you don't seize it and miss this wave, you may have to wait another two years!
