Bitcoin rebounded as expected after a pullback, completely aligning with my expectations! Looking back at yesterday's article (Is the crypto bull market coming? Bitcoin surges to new highs, Ethereum skyrockets toward the sky! All altcoins are in revolt! A price surge is imminent; it's difficult not to get rich in August!), I suggested focusing on the short-term support at 117800, 116500, and 115800. I recommend waiting for a pullback to around 117000 to consider going long. I went long at 117800, and then Bitcoin surged 1200 points, making over 8000 dollars.
BTC
Bitcoin has almost recovered all its earlier losses, currently engaging in a fierce long-short battle around 119000. Note that there's significant pressure at the psychological level of 120000 above, and combined with the release rhythm of long positions, the probability of a breakthrough in the short term is low.
From the four-hour level, the overall structure shows a wave-like downward trend, with high points gradually decreasing and support levels continuously being breached. Although a three consecutive days of positive rebounds occurred, the trading volume has not effectively expanded, and the sustainability of the rise still needs to be observed. At the hourly chart level, the market is in a range-bound fluctuation, and it is expected that a direction may be chosen only after the U.S. stock market opens in the evening, with a high probability of maintaining fluctuations within a thousand points during the day.
Operational strategy: Maintain a high short and low long strategy. Resistance zone 119800-119300, support target 117500.
ETH
This morning, Ethereum broke below 3800, quickly dipping to the 3734 level. I mentioned in my article yesterday that after breaking below 3800, one could consider buying low at 3740 and 3660, perfectly predicting the entry points, resulting in a massive gain of 246%.
Ethereum lacks structural support for sustained upward movement at the hourly level, and the recent rise has not been accompanied by a sustained upward trend after a pullback, indicating that a top structure may be forming. If it breaks through 3940 USD or even 4000 USD, the MACD indicator may show a top divergence, signaling short-term peak risks; additionally, the ETH/BTC exchange rate has already shown top divergence on the four-hour level.
Resistance levels above are 3840, 3900, and 3950; one could consider going short at these levels. Support levels below are 3700, 3650, and 3600; one could wait to go long at these levels. If the support levels are not effectively broken, one could attempt to enter long positions.
Altcoin
Before the altcoin market experiences a large-scale explosion, priority should be given to some quality leading coins that are continuously bought by outside funds. The remaining altcoins will only rise when the market is completely in a FOMO state; today CFX and C dominated the gainers' list at No. 1 and No. 2.
C reached the first profit target of 0.395 today, entering at 0.326, successfully achieving a return of 21. The second target position has also been reached, with a 32% increase.
CFX surged right after the noon release! The internal team first bought at 0.19, then publicly at 0.2, achieving a short-term profit of 4238% in just one hour. So comfortable.
WHATRR is an environmentally themed meme coin, which was stealthily bought around 0.000029 in the early hours, with a market cap of only 297K, peaking at 0.00045, currently bringing over 9 times profit, with a market cap reaching 2.3M.
