7.29 Market Situation Analysis:
When you think "this time is different," history is already preparing to repeat itself!
It's poured! The big pie is currently stuck in the fluctuation range of 116700-119800, with strong support at the bottom, frequently closing with small bodies, so don't easily short in the short term.
Ethereum has been riding the MA60 since the rebound in June, and after a recent high and pullback, it has accurately retested this line. The correction is likely to stop around 3700, and we continue to be bullish.
The altcoin index has dropped to 39, and altcoins have entered a hellish level of difficulty again! Coins like cake and uni, part of the BNB and ETH ecosystems, are not rising as much as the main coins, clearly forcing retail investors to cut losses and switch to mainstream coins. It feels like we need to rely on a new meme myth to attract hot money again, so you know what I mean!
⚠ Note: July 31st is the Federal Reserve's interest rate decision!
