To be honest, yesterday's market move resembled the replay of July 15: Bitcoin was smashed twice at the 115000 level, but it did not truly break, followed by a rebound. This trend has actually confirmed 115000 as an important support level at this stage, the probability of going lower in the short term is low.
$ETH continues to resist declines, the first wave quickly retraced to 3570 following BTC, and last night's retracement only hit around 3600, overall resilience is strong. Currently touching 3750 resistance again, just a step away from the key level of 3800 above. If it breaks 3800, then we can look for new highs. And if it retraces below 3650 in the short term, it can still be bought.
As for $SOL , it stopped falling around 175 and rebounded to 187, the trend is weak but still healthy. The key resistance is 193, if it doesn't break this, it will fall back. As long as 170 doesn't break, the big structure is not a big problem, and anything below 180 can be considered for entry.
The direct trigger for this round of retracement was an ancient whale that had been dormant for 14 years clearing its holdings. This time, the OTC giant Digital was live-streaming the sell-off, selling 80,000 Bitcoins, worth 9 billion USD. It made the little cat envious and cried, a typical case of crossing social classes, but the problem is that Bitcoin's price did not continue to drop, it seems Bitcoin has grown.
Meanwhile, another miner address that had been dormant for 14.5 years also started transferring, totaling 3962 BTC, with a cost of only 0.32 USD, yielding up to 370,000 times. These coins are starting to flow into the market, indicating the market is undergoing a major bloodbath from low-cost whales to institutions.
Although it brings selling pressure in the short term, it is a good thing in the long run!
Alright, let's continue to focus on the altcoin situation this week:
In terms of altcoins, several projects worth emphasizing:
#ASP: Completely collapsed after launch, priced at 0.7 but opened below 0.2, the rebound didn't last long and all became knife-catching, indicating extremely poor expectations.
#VINE: Old horse suddenly posted stating it will restart Vine in the form of AI, soaring 3 times. Projects of this type that are 'product-first, not purely speculative' could have potential if they can truly land.
#PUMP: No longer performing, directly halved from the IDO price, with a drop of nearly 3 times from the high point. The team is young and only wants to cash out, the trading style is completely 'issue the coin and exit'. The project side continues to sell off, no buybacks, no incentives, market share has dropped from a high of 16%, far less than Bonk's 81%.
In summary: No accountability, unreliable.
Korean new coins: #HUMA / #SYRUP
HUMA had a rise at the opening but started dumping, the current trend has collapsed; SYRUP is still at a high position, but risks may be released at any time. These types of projects are often for short trading, and you shouldn't stay too long.
Several small coins in the BN observation list performed explosively: $MDT tripled in a single day; $IDEX doubled; $SLF rose over 50%.
This wave is very similar to the previous situation where #ALPACA skyrocketed 40 times after being delisted. Currently, these projects generally have FDV in the range of 10-20M, very suitable for short-term players who like to chase highs. But remember: in the long run, they are mostly doomed to zero.
Today's recommendation to pay attention to #CHR , currently has the following three major technical structures:
Descending wedge formation completed
AB=CD structure oversold rebound possible
Unit price below 1U, expected to have similar trends as $OM
It is recommended to enter, stop at 0.0857, target 0.89, with a time frame looking at Q4, expected to show a low-level explosive rhythm.
Summary: The trading volume of Ether is larger than Bitcoin, the altcoin season is coming soon, CZ has also mentioned that the altcoin season is approaching, it is recommended to gradually lay out mainstream #SOL, #BNB, #ADA, #AAVE, #LTC, significant events are coming next month.
The article ends here! If you feel lost in the crypto world, consider laying out and harvesting with me!
