Surge! Surge! Powell's speech overnight released dovish signals, and the U.S. stock market's linkage brought a crazy rebound in the crypto market. BTC surged sharply in a short time, returning to around the 30-day moving average of 116.7k. ETH took the opportunity to rebound to the previous high of 2021 and slightly broke through, setting a new historical high of 4887 dollars. Sponge has been emphasizing buying the dip in recent articles, and this drop is precisely the best and most certain opportunity. Early advice for fans to position around Bitcoin 111600-12000, while Ethereum was bought at the 4060-4200 range. Those fans who followed Sponge to buy the dip have truly made a lot of profit!
BTC
Yesterday I analyzed that Bitcoin would have a directional change last night. BTC fell to 11.16k as expected and rebounded sharply by 5500 points. In the short term, it encountered resistance at 11.73k and had a slight pullback. 117300 is the starting point of this downward trend, so for Bitcoin to continue rising, it must break through 117300. However, at present, this seems to be just a technical pullback, and there is no need to worry too much. The pullback is a good opportunity to enter, and profits can be locked in gradually.
Currently, BTC has a need for a short-term pullback; I do not recommend anyone to short recently. Since the market direction has been confirmed to go up, let's continue to look for breakthroughs. I suggest going long during pullbacks.
You can enter around 115100 to go long. If it drops to the 114888-113888 range, consider adding to your position, with a stop loss set at the breakout point. Only by breaking through 11.73k will the market welcome greater upward space.
ETH
ETH surged 15% overnight, Sponge entered at a cost of 4200+, and yesterday it directly surged to a new high! Currently, ETH has rebounded from oversold to overbought, and the stage cycle is basically complete. At this time, I will not chase the price, and plan to patiently wait for a price pullback, preferably to re-enter when encountering an oversold signal in the support zone.
Recently during the big drop, many people predicted ETH would drop to 3800, 3500, or even 2500. I really don’t understand how these points came about; obviously, they are incorrect.
The extreme point I previously gave was 3900, later revised to 4060 as major support, with minor support at 4262. According to these points, pullbacks can almost precisely enter the market.
Currently, ETH shorts liquidated in the 5000-5800 range, the survival rate is basically not over 10%. The main force is driving the price up massively, the cost of chips is very high, and the goal is clear: to eliminate all shorts! Following the trend, ETH will once again welcome brilliance, while the shorts will become the payers of this feast, rather than the ones chasing highs!
Buy the dip: 4626-4612 as the first line, 4572-4555 as the second line for adding to the position, and 4550-4508 as a solid defense line. The new high above 4888 is 4966.
Altcoin
Ethereum surged by 4900, and altcoins also rebounded sharply. During this decline, Sponge has consistently encouraged everyone to buy quality altcoins: DOGE, XRP, LTC, AAVE, SUI, PEPE, LINK, MAGIC, all have soared. Sponge mainly focused on PEPE and AAVE, and this round of buying the dip has been very profitable.
Last night I missed the first round of the upward trend, don't miss the opportunity of weekend altcoin movements, look for lagging altcoins that haven't risen yet to ambush.
$NIL: The tokens in the FHE sector have been surging these days, I recommend a token from the same sector that hasn't really surged from the bottom—$NIL, currently priced around 0.31, you can consider entering, with a stop loss set at 0.26. It's a relatively new coin, with a market cap of about sixty million. Remember to manage your position well and try to use less leverage.
$MM: $MM feels good, OKX's official account is paying attention to it. This IP attribute has a tendency for spread and continuity. I noticed it yesterday, and after a night of washing out, the trend is still good. The current market cap is less than 200k, I have already bought some, and I feel it may explode. Friends following up can communicate together, and I will notify updates later!
$LDO: ETH is so strong, if you missed it, then LDO might be a good alternative choice.
$DORA: The trading volume has surged these days, with a 24-hour trading volume of 35 million yesterday and already reaching 45 million today. It's expected to be listed on Binance Alpha, worth watching, as it may usher in a big bullish candle, boosting the morale of meme coins on BSC!
$WLFI: Officially launching on 09.01, something big is really coming! Binance has already listed the $WLFI pre-contract at a current price of $0.4249, with an FDV of $44.6 billion. If the spot maintains the current price upon launch, phase one public investors can profit 28.32 times, and phase two public investors can also see 8.5 times. If 20% is unlocked on September 1, it will already break even and make a profit, and the rest will be pure profit.
Currently, there is still no clear statement on whether institutional tokens will be unlocked. They chose to launch during the hottest market, and what we will see next is: the exchange's first launch battle + liquidity siphoning + screenshots from wealth teachers flying everywhere.
The next hotspot $WLFI must-buy peripherals:
1. $AOL on SOL
2. $DOLO on ETH
3. $U on BSC
