Although the market experienced a slight correction yesterday, judging from the overall price trend, the fluctuation was not large and the overall performance remained stable.
The amount of Bitcoin flowing into exchanges is not large, and the power of stablecoins to buy at the bottom is very strong, which shows that this is not the beginning of a bear market. If we really enter a bear market, stablecoins will gradually flow out of exchanges and will not show such a strong willingness to buy at the bottom. Therefore, the bull market after the interest rate cut is still worth looking forward to.
The current general direction is still bullish, but there may be some negative factors in the process that may lead to a short-term pullback.
If you have already bought in all your positions, then hold on firmly and do not sell easily even if there is a pullback.
I sincerely hope that my friends who read my heartfelt words will be healthy, have a successful career, and most importantly, make a lot of money. If you have any opinion on this article, you can chat with me through VX (BN9182NB
If you haven't bought much yet and still have a lot of money on hand, you can consider entering the market in batches. When the weekend pullback occurs, you can first invest 30% of the position, and then increase the position by 30% when bad news appears. If you have bought more than 70% of the position, it is not recommended to continue to chase high, at least you still have some funds, you can consider entering the market when the pullback occurs.
Two positive events are poised to happen:
Binance founder CZ is about to be released from prison: This news will undoubtedly stimulate heated discussions and speculation in the market, injecting new vitality into the market;
The expectation of an interest rate cut is approaching: This will further drive capital flows into the crypto market, adding momentum to the bull market.
Potential altcoins worth paying attention to now
1. BABY
During this turbulent market period, as many as 16 whales fearlessly launched strong buying operations, with a net purchase of up to 1,139,901,000,000 PEPE, worth approximately US$7,995,082.73, demonstrating a thunderous buying momentum!
However, in sharp contrast, 23 whales decisively took net selling actions during this period, selling a staggering 1,388,988,000,000 PEPEs worth approximately US$10,122,639.00, sweeping the market like a turbulent tsunami.
1.WIF
WIF looks like it has the potential to rise. Recently, it has managed to break out of a bullish inverted pattern and has formed a positive price action pattern on the 4-hour chart. At the same time, WIF has also retested the breakout level, which constitutes a bullish signal for its future trend.
If the market sentiment remains the same, WIF is likely to rise by 25% in the coming days to reach the $2.2 level. This target will be more achievable if WIF can stabilize above $1.65. However, WIF may face some resistance when approaching $2 due to the presence of the 200 exponential moving average (EMA).
3.RENDER
Between August 5 and August 6, whales created a storm in RNDR trading. They conducted a total of 11 transactions, of which 5 were active purchases and 6 were decisive sales. The total amount of purchases reached 208,382.20 RNDR, worth approximately $878,056.62; while the total amount of sales reached 285,987.72 RNDR, worth approximately $1,183,200.38.
During this period, four whales showed a strong determination to buy, with a net purchase of 179,961.85 RNDRs, worth approximately US$756,133.23; at the same time, five whales carried out a series of net selling operations, selling 257,567.37 RNDRs, worth approximately US$1,061,276.99.
