Old Investor on August 23: BTC ETH Market Expectations Have Arrived, How to View the Future? Will Altcoin Market Erupt?

Market Review and Analysis

BTC tested 112 again yesterday and, driven by the second coin, directly surged to the 1175 position, still 1000 points away from around 1185, indicating that the trend of the major coin remains in a weak phase. ETH, on the other hand, has been much stronger, directly rising at 4200 points yesterday and reaching a new high, even breaking the historical high today. As mentioned before, after stabilizing at 4350, breaking through 4600 would directly look towards the historical new high. However, this wave should not just end here; the market will rise again, and the major coin's weakness will be supplemented by the strength of the second coin to reach resistance in the 118-120 range. The altcoin sector will start to rotate, although I don't think it is the altcoin season, the market will have a surge. Hold onto your chips; JTO performed quite well today; this is just the beginning.

Weekend Highlights, mainly watching the counterattack of the altcoin sector.

BTC's market, after touching 1175, retested. Now, the key support levels to focus on in the intraday range are 1145-1155, to prevent a weak spike around 1140 before starting to attack again. The main focus is on the resistance level near 1185. If this level stabilizes, it can open up further space and directly attack the 120-122 range.

ETH had a one-sided day of increase; this kind of surge is actually not very good in general terms, as it does not drive an overall market rally. However, it still broke the historical high directly. According to normal understanding of the trend, this wave has not ended, and the market will continue to rise. The intraday support levels can be focused on the 4550-4650 range, while resistance levels can be looked at in the 5000-5300 range.

For altcoins, still focus on the SOL chain and meme sectors, primarily watching Dogecoin and SOL, with light positions in JTO and WLD. The next breakout will occur in these two sectors.