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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.

Today's market fluctuations are as stagnant as dead water, and altcoins continue to decline without any vitality. Tonight, there are many influencing factors in the news, including the non-farm payroll data, GDP data, Federal Reserve decision, Robinhood earnings report, and so many heavyweight messages all piled together. The market is definitely cautious and won't dare to move recklessly; any news that comes out could cause the market to surge or plummet in an instant. There's not much good to operate on right now, so it might be better to take a break and wait for the news to settle before deciding what to do. #非农

The Apocalypse Chariot fan series has started, basically representing a brief end to a round of market trends. In the morning, the fan series topped the gainers' list, perhaps indicating that it is time for everyone to reduce their positions and avoid risks. Tariffs will be implemented on August 1st, so it's better to secure some profits and close part of the positions for safety. #asr #ATM

ENA is a stablecoin track within the Ethereum ecosystem

MKR is the RWA track

BCH is the Bitcoin Cash ecosystem, with strong control from main players, and its trend perfectly aligns with an upward channel

CAKE is part of the BNB ecosystem

ENS is a high-quality token in the Ethereum ecosystem, not inferior to ETC

CRV I define as a strong project with market manipulation; whenever there's a market trend, it can always surge, but of course, during bad market conditions, it can also plummet severely. Previously, the founders had given up on it, but regardless of how much it increases, it's still a good project

And then there's CFX #ENA #ENS #MKR #CFX

Ethereum rose from 3587 to 3857. Although it reached a new high, many altcoins did not rebound much. There are some that followed the trend well, with strong varieties including ENA, MKR, BCH, BNB, HBAR, as well as SUI, CRV, and ENS. That's about it; these are the strong varieties that the market has selected and that have attracted funding attention! #BNB创新高

Looking at the overall macro market, both Hong Kong and US stocks have reached new highs for the year. Don't be misled by the recent rise of Ethereum; if you pull up the yearly chart, you'll see it's only up ten points from the opening price of 3336 at the beginning of the year. Therefore, do not short. When the contract approaches 3550, you can confidently go long. For spot trading, focus on stocks that show a good rebound and build positions on dips. Currently, in my watchlist, JTO, NEA, and GRT are all rebounding quite well. Today, the overall view is focused on rebounds, so go with the trend!

The pullback is precisely the time to layout, seeking stability directly in Ethereum, followed by the Ethereum series of ENS, ETC, ENA, LDO, and UNI, which are strongly linked. ARB and OP can also be monitored to see if there is any catch-up. In this round of market movement, aside from Bitcoin, there will definitely be a push from Ethereum's rise. Therefore, buying quality Ethereum assets on dips is advisable. Next, there's the previously mentioned BNB series of CAKE, and also IOST. Additionally, #CFX has pulled back significantly from its peak, so if it pulls back near 0.15, it can be a short-term entry point, and there should still be a second wave of speculation.

The SEC approved a new cryptocurrency index fund ETF today, which includes XRP, SOL, ADA, SUI, LINK, AVAX, LTC, DOT, and all of these are hopeful for an ETF. Currently, institutions and companies have started to shift reserves to these coins. Looking at these coins, it seems that only $DOT has not risen much, and the fundamentals of DOT are not bad. Therefore, DOT is likely to experience a wave of catch-up rally soon, and a pullback could be an opportunity to enter. #dot

$CFX news has been deleted, and when you click in, there is only a title, all the content is gone. It seems that this project always plays tricks when the price rises, so when everyone is frantically discussing and the market is at its hottest, it’s time to consider withdrawing. Don't be greedy; the money you have earned is the real money.

I've been waiting for this pullback for a long time. Brothers, where do you see this going? #BTC走势分析

Sun Yuchen transferred approximately 160,000 Ethereum to Binance in the past week, suspected of escaping the peak again. Today, a large holder has signaled to exit, which may indicate that this wave of increase is nearing its end. The market is expected to correct for a while before regaining momentum to continue the trend. #ETH🔥🔥🔥🔥🔥🔥

In the past few days, stablecoins have had favorable news, but they haven't really risen. The market is very interested in projects related to stablecoins, and it is estimated that there will be some speculation in the near future.

Matt is going to get started again.

Have I lost my memory? Isn't the Russia-Ukraine war mainly between Russia and Ukraine? When did it turn into a fight with the United States?

Seeing the Xiaomi Yu7's large orders is shocking, with nearly 300,000 units in one hour, surpassing the sales of the past year for the Su 7.

CZ intentionally cuts the relationship between BNB and Binance, not recognizing its platform token attributes. It is estimated that BNB will update its tokenomics in the future, no longer repurchasing based on Binance's profitability.