Yesterday, Bitcoin plunged to MA120, and I decisively bought the dip again. Today's recovery also indicates the complete formation of the bottom pattern on the left side; now all we need to do is stay calm and wait for a pullback to test the top of the converging range. Yesterday, Sweet Dream mentioned in the article that BTC could rebound at 109500 for long positions, with additional purchases at 109000 and a stop-loss at 108500, targeting around 111500. Focus only on short-term trades, avoid getting caught in the larger trend. I made a profit of 1969 on oil and exited; tonight, I will continue to position.
BTC
BTC opened with upper and lower shadow lines and a solid bullish candle in the morning. The daily chart ends a three-day decline with signs of a rebound. BTC's rebound reached the resistance level of 112K, a critical point separating bulls and bears. If it fails to break above, it will test the previous low points. If it breaks above and successfully retests support, we will continue to be bullish.
If Bitcoin can stabilize above the EMA100 line and rebound today thanks to the momentum brought by Nvidia, we might see EMA20 around 114800. This position corresponds to the sharp drop on August 25, and several daily moving averages converge here, creating significant pressure. Unless it strongly breaks through 114800, profit-taking for bulls and entry for bears can be considered here.
BTC rebounded yesterday, piercing through 111.8K but did not stabilize, so we cannot assume a bottom has been found. Continue to look for a bottom. I advise everyone to go long low without getting caught in the bigger picture, and only choose to go short in line with the trend. Place stop-losses at each rebound peak, and take profits at the previous low.
Short-term resistance levels are 112830, 113800, and 114600, with support levels at 109600, 108570, and 107440.
ETH
ETH's rebound was even stronger than expected. I had a long position yesterday, but due to too much noise from smaller K-lines, I exited halfway.
Ethereum remains strong, never breaking below EMA20, maintaining a strong bullish pattern. This means we should primarily focus on buying low; carelessly going short poses significant risks. Bears need to wait until a head pattern is formed before opening positions on the right shoulder for a higher success rate.
High.
Currently, ETH has repeatedly tested near 4560 without breaking, indicating strong short-term support here. Although MACD is still oscillating below the zero line, the fast and slow lines are gradually converging, showing signs of a golden cross, and bearish momentum is clearly weakening. Do not short below 4672 for ETH; only consider buying low!
Resistance targets: 4640 / 4682 / 4728; Support levels: 4545 / 4505 / 4457.
Can ETH rise above 5000?
Yes! The fundamentals of ETH have not changed; there are still many micro-strategies buying ETH. It just needs some time to digest the bearish news! I firmly believe ETH will go above 5000; Wall Street's cost is 4000, and they can't afford not to make money!
SOL
SOL/ETH has shown daily RSI divergence, signaling an oversold condition. Once SOL/ETH breaks through the short-term supply line's pressure, SOL/ETH will start to rise, at least rebounding to the resistance area. This means SOL is likely to outperform ETH with a larger increase and stronger performance.
SOL treasury companies are starting to gain momentum, with three SOL treasury plans appearing in one day two days ago, totaling nearly $1.8 billion. On the other hand, multiple SOL ETFs are expected to launch by October at the latest. Once SOL ETFs start to be introduced in bulk, buying pressure from ETFs will also ramp up. With the conditions for dual-wheel drive in place, SOL is expected to soar by 300!
Altcoin
Currently, most altcoins do not have multipliers, entering four and exiting three; just had a taste and immediately spit it out. The biggest issue with this round of bull market is the lack of continuity, pulling back after two rises and then rising again after a few days.
In this bull market, positions need to be meticulously studied at every point. Entry and exit should be handled in batches, leaving enough room for error, and focus on good targets for repeated waves. Only by being more precise than the major players can we profit in this bull market. If you're unsure, you can follow Sweet Dream's strategy in altcoins!
PLUME: RWA L1 first public chain, listed on Binance spot trading. This dragon's ecological position has been established, and PLUME is an official partner of Trump's WLFI. It has been successfully tokenized and is now running on-chain, making significant progress on the path to compliance. Its ceiling and resources are unparalleled, and it is worth considering for low-positioning.
WLFI: If there are no major events in the crypto space in the next few days, the attention across the network will gradually shift to WLFI. It will be launched on September 1, and there will definitely be some favorable news from Trump's team. WLFI will soar; specifically, how high WLFI will go depends on Trump's historical harvesting trends. The meme coin Trump will give you a wave of frenzy, and then it will crash. Currently, this frenzy seems to have yet to arrive.
TAO: Buy orders at 330 are at a strong support position! The market structure for TAO is still good! It has allowed many people to make money and has now been listed on Binance; recent trading volumes have also increased. Everyone should keep an eye on it.
Buying the dip after a significant drop often represents a 10,000-fold opportunity for the next bull market. We enter the crypto space to seize trends; we are not here to earn a salary but to make wealth. The trend is in front of you; if you miss this wave, you might have to wait another two years!
