Bitcoin and Ethereum continue to decline, altcoins are even worse, returning to square one overnight!
Major altcoins like DOGE, XLM, HBAR, PEPE have dropped over 10%, APT down 16%, SOL, ADA, SUI, LINK, and AVAX also fell sharply, BNB dropped over 40 USD from yesterday's peak of over 800 USD. The total market cap of crypto assets has fallen over 100 billion USD from yesterday's high, now down to 3.9 trillion USD.
Have we reached the bottom? Where should we bottom-fish? Let's take a look.
BTC
Yesterday's market crash showed that Bitcoin bulls are not strong. After testing the bottom with three needles yesterday, it did not break the previous high and instead fell back to the previous long position area. Multiple pin bars in 4 hours can be considered a normal pullback. As long as it holds above 117000, there is still an opportunity to break through 120500, and then test the 123000 position.
Currently, Bitcoin is fluctuating in the range of 117000-120000, quickly retracting a thousand dollars after the pin, near the lower edge of the range, suitable for wave operations, can go long first and then short.
Bottom-fishing, dumping time
Recently, the market basically follows the US stock market's closing. The lowest point appears around 6-8 AM, and the highest point appears around 11 PM to midnight when the US stock market opens. It’s time to set an alarm for dumping + bottom-fishing.
ETH
Ethereum's K line has three consecutive bearish candles, accurately pulling back to MA10, just falling on the 3500 support level. This is dual support, and if it can hold, there is hope for a rebound testing 3800 and higher; if it loses support, quality support below is at 3310-3410, and the upper pressure range remains at 3740-4110.
Previously, when entering above 3800, I had already indicated pressure, and it was clear that there would be no '突突突'行情. Yesterday, 3650 has been broken, and the next step is to enter a consolidation period.
Will it go up again?
Pullbacks are a normal phenomenon. After the giant whale dumped billions, a washout is necessary for healthier growth. One can short briefly and then wait for buying opportunities. Newcomers are advised to firmly hold low longs; the shorting techniques are too strong to avoid.
Altcoin
The bull market for ETH and altcoins relies on market liquidity. The current abundant liquidity has driven the altcoin bull market.
In the US-Japan tariff agreement led by Trump, the model of 15% tariff + 550 billion USD investment fund (US-led) may become a template, helping him raise funds from various places, ultimately pushing asset prices higher as the funds enter circulation. Coupled with the expectation of the Federal Reserve lowering interest rates, liquidity will be even more abundant in the second half of the year, making this a rare opportunity.
Currently, there are two ways in the altcoin layer: the first is on-chain PVP, and the second is CEX trading of quality leading tokens, currently focusing on DEFI-related and low market cap new tokens in CEX, which have been crazily FOMO'd by the market in the past two days.
Several on-chain targets:
ikun: belongs to useless giant whale matrix operations, 35 large holders collectively hold 35 million USD in useless assets and also hold fartcoin and gp in cross positions, with a high whale volume. The main cluster has accumulated about 15% from the end of May to now, and the concentration of top chips is rapidly rising. The main force and retail investors are working together, and it is expected to take off soon.
mask: The market has a main force but is not a strong庄, after dropping from 20 million to 5 million, the concentration of top chips has increased by 30%, and the concentration has risen, fully washed out, or welcoming a second wave of行情.
usduc: In the previous wave when it surged to 30 million, there was a divergence among the main force group (early buyers selling, later entrants adding positions). It is not recommended to touch for now; wait for the divergence to be digested and for chips to concentrate before reevaluating.
