Bitcoin accelerated its rise over the weekend, soaring by 120,000! Ethereum reached a new high, soaring by 4,300! In the last 24 hours, a total of 113,291 people were liquidated globally, with a total liquidation amount of $380 million! Last week, Right Right mentioned in an article that Bitcoin recently broke the key resistance level of 116,000, forming a potential double bottom structure. Pay special attention to hunting upwards towards the high points above 120,000. The bullish sentiment for Ethereum continues; this week Bitcoin and Ethereum rebounded as expected, and fans who bought the dip with Right Right made a lot of money.
BTC
The 4-hour downtrend line for BTC has been broken, and the pressure level of 118900 has also been surpassed. Bulls have fully taken control of the market, preparing to liquidate shorts. Currently, the lower support is focused on the support points above 120000 and above 119000. Where it stops falling and stabilizes is where to intervene.
Bulls should observe the point at 117300; if this price does not break, the bulls will continue to rise. The next target level is the previous high of 123000.
There are two scenarios for BTC moving forward:
1. Strongly break through 123300, push straight to around 127700-128000, then pull back to 124000, and then step by step attack each resistance point to re-establish.
2. Strongly break through 123300, first reach 125000. Pull back once to 122800-122400, confirm stability, then sequentially attack resistance points 126850, 127850, 128800, and so on, step by step. If it can't go up from 128800, it will need to pull back to test the support at 122000.
ETH
Over the weekend, there was a continuous upward breakout. The intraday high tested the POC of the consolidation area at the 4-year high of 4800. Without the support of the US stock market over the weekend, the two days saw a crazy increase without leaving room for shorts, becoming fuel for the rise.
Focus on the price performance at the two support levels of 4150/4050. Few short-term profit-taking bulls are exiting, and there is still demand for outside funds to enter. After the pullback ends, there is still momentum to continue pushing upwards. Only 500 points left to the historical high of 4800. For ETH bulls, this is not a difficult task. The important thing is how to achieve it.
Upper resistance: 4360/4480/4660/4800; lower support: 4150/4099/4050/4000.
Altcoin
Driven by the strong rise of Ethereum, the Bitcoin market share index has broken below the trend line, which seems to signal the upcoming altcoin season. The focus will be on Ethereum-based altcoins, and even memes will return to the Ethereum chain. Currently, the main narrative in the crypto world is ETF bull; whoever has an ETF is bullish.
Tru: RWA concept with low market value, can be paid attention to, ready to accelerate at any time.
odindog: has already started. The pool has collected enough, and the market cap limit is opened. Dragon One odinpepe has a market cap of over 120M. If the subsequent platform security audit passes, it is expected to surge violently. Also, the main force of odinpepe seems to be testing the market by trying to dump 15 BTC, causing a drop of nearly 80%, then buying back at the original price, testing how much selling pressure can be sustained. It seems that about twenty BTC can approach zero, so be careful when chasing highs.
XRP: There are two major narratives. One is cross-border payments, and the other is RWA, which are interconnected at a fundamental level. After clearing the litigation disputes with the SEC, Ripple can fully unleash its potential. A careful study reveals that the major narratives in the US over the past two years will ultimately point to Ripple. In the short term, there are two major benefits waiting. One is to successfully apply for a US banking license, and the other is the approval of the XRP ETF, which should happen by October at the latest. By the way, there is also the BTC & XRP ETF applied for by the Japanese consortium, which are tangible positives.
