Bitcoin and Ethereum are on the verge of a turning point! Is a bottom-fishing opportunity coming?

Today, the secondary market is as stagnant as a still pond, and altcoins continue to decline without any vitality. The sustainability is quite limited. Even the relatively strong ENA has started to pull back continuously. Although Ethereum hasn't dropped much, it has recorded two consecutive bearish candles on Monday and Tuesday. While the decline isn't significant, it also indicates that the current bullish offensive is not strong. This is likely because there are too many macroeconomic data points this week, and large funds are waiting for the news to settle before deciding whether to increase their positions or continue to observe.

This week is macro data week, with significant news concentrated tonight, including the non-farm payroll data, GDP data, Federal Reserve resolution, Robinhood earnings report, and upcoming tariffs landing on August 1st. With so much heavyweight news all packed together, the market definitely won't dare to move recklessly. Any news that comes out could cause the market to surge or plummet instantly. Right now, there’s not much good to operate on, so it’s better to take a break and wait for the news to settle. For those who, like me, are observing or waiting to bottom-fish, it’s advisable to pay attention to Ethereum around 3500, and Bitcoin around 11500 USD before considering entry.

Regarding the choice of cryptocurrencies, I have mentioned many times in the article that Ethereum staking leader LDO and stablecoin concept leader ENA can be positioned on dips. Next is the domestic public chain CFX, which strongly correlates with Ethereum, as well as ENS and UNI, AAVE, and the relatively strong SUI, ETC, and OP can also be alternatives. In summary, it is recommended to switch to strong cryptocurrencies or those with positive news; otherwise, the weak will always remain weak. If you wait for a rebound without waiting for the weak to rise, you may constantly hit new lows. Sometimes, having too many items on the watchlist does not mean more opportunities; most opportunities are hidden in a very few varieties. Instead of spending a lot of energy adding a large number, feeling like each has a chance, it’s better to concentrate efforts on a few and look for certain opportunities before taking action.

Currently, the four-hour moving average of Bitcoin has already converged, indicating that the turning point is approaching. I personally think it might first pull back to the 110000~115000 range before starting a new round of increases. As for Ethereum, it might pull back to the 3500~3000 range before challenging new highs of 4000 or even 4800. Therefore, the upcoming operational strategy should primarily focus on risk avoidance, waiting for the macro data to land, and then observing how the market reacts to find suitable entry points.