✨2024.8.3 Today's Analysis✨
🕒 Market Dynamics:
The market continues to adjust, and both Ethereum and Bitcoin have fallen below key support levels (Ethereum 3000, Bitcoin 63000). These two positions will become resistance levels during the day. In recent analysis, we have been reminding everyone not to chase high when the altcoin rebounds, because the current market is in a consolidation and oscillation cycle at the bottom. The rebound gains of many altcoins have gradually been spit out, and some weak altcoins may set new lows.
However, it is worth noting that the Ethereum ETF has been launched, and various negative news has gradually been digested by the market. According to yesterday's unemployment rate and non-agricultural data, the Federal Reserve is likely to start cutting interest rates in September. The current decline can be seen as an early digestion of the expectation of interest rate cuts, and it can also be understood as the unfinished adjustment cycle of the market. From a morphological point of view, this is the last step back.
When the market starts in the future, we will usher in a large amount of external funds to flow into risky assets. In particular, the top two currencies have opened ETFs, which are more likely to be favored by large funds. Although the current sentiment of the altcoin market is low, this is the best stage for value return in the next one or two years. As mentioned a few days ago, the focus of this retracement is still altcoins, because the most cost-effective ones in the middle and late stages of the bull market must be altcoins and Ethereum.
🔹 Strategy suggestions:
At present, we need to wait for the market to stabilize and choose the opportunity to buy in the medium and long term. At the same time, short-term operations continue to seize short-term opportunities.
$BTC :
Support level: 58500-59000Resistance level: 63000
$ETH :
Support level: 2800Resistance level: 3000
✨ Summary:
The market is in the adjustment stage, pay attention to key support and resistance levels. After waiting for the market to stabilize, start the medium and long-term layout, and seize the short-term operation opportunities.
🔔 Remember to like, follow and forward, and join our discussion! Let us welcome the next wave of opportunities in the crypto market together!
