Structural Analysis of $BTC
First, from a structural perspective, there has been a long trading range above, and we have currently escaped from that upper trading range, which has formed a trapped position above. The overall trend is a strong reversal to weakness, with consolidation followed by a breakdown and a pullback that does not return.
The overall decline in Bitcoin is manageable, but the drop in altcoins is significant; Ethereum has dropped over 10% from its peak, SOL has dropped nearly 20% from its high, and other non-mainstream altcoins have fallen even more. In the decline, altcoins have no bottom, and the risk of buying the dip is uncontrollable.
In terms of market sentiment, the current greed index is 55, with the market moving from greed to neutral. Bulls have suffered significant losses in the recent decline, the profit-making effect has weakened, trading volume is sluggish, and volatility is decreasing. The market has entered a period of weak consolidation.
In terms of funds, from daily, to weekly, to monthly, there is a significant outflow of funds overall. The main forces pulling up the price ultimately result in profit-taking; those who run slower are just picking up the pieces and providing liquidity.
Looking ahead, a significant top has already formed, and whether there is an interest rate cut in September will not change the market's rhythm. Just like this wave of increase did not require any reason, any positive news in a downward trend is merely an opportunity to sell. The transition of market strength and weakness is very fast, and we are currently in a weak phase; the potential for further declines may exceed expectations, and risk considerations take precedence.
Key support levels below: 112000, 110000, 100000
Key resistance levels above: 115000, 117500, 120000
In terms of operational strategy, view from a neutral oscillation perspective, not fixating on bull or bear markets, reducing return expectations, with risk control as the top priority. Only re-enter the market at critical positions combined with definite signals. Pay attention to real-time feedback from the market; in the current situation, the priority for short positions is higher than that for long positions.
Focus on White, unafraid of bulls and bears!