Today's market review:
BTC: After consolidating at the first suppression level given yesterday, it is close to the second suppression level. Although the recent pullback has determined the main bottom area, my personal operation is relatively conservative. This is due to technical limitations and personal cognitive deficiencies. Further learning is needed. Of course, it is impossible for anyone to grasp every market trend at any time. It can only be said that it is most important to do transactions that you can understand.
Still sticking to the original idea, the second pressure level is the lower track of the previous daily box. Personally, I suggest selling out first, and then buy in after it breaks through and stabilizes, or after the hourly line consolidates, and the internal structure is bullish. Now is not the time to chase, wait for more certain opportunities later.
Support range is 54930~55786, pressure range is 59110~60100!
ETH: The upper rail of the suppression range given yesterday was 3072, and the highest was 3082. It was obviously suppressed by the lower rail of the previous decline, plus the short-order moving average system. In my personal trading system, I do not recommend aggressive participation by the long army at this position. The main idea is to sell at highs, and buy in when the lows or breakout opportunities! The support range is 2910~2884, and the suppression range is 3144~3158.
In terms of altcoins:
SOL: After entering the pressure level near 140, stagflation began. There are a lot of locked-in orders and short-selling structures above the main control line in the short term. We still stick to yesterday's thinking. The main selling point near the pressure level is to sell at highs. A good buying point is after the 30-minute line breaks through and stabilizes at 145 and goes sideways, or directly falls back to the support below. Be cautious in chasing highs after the rise.
Short-term support 136.1~134.9, medium-term support 122.5~127.6
NOT: Xiao Miao followed NOT. I woke up today and found that I had made my money back. I withdrew.
So is the bull market still here? Are there any potential upsides in the market? Is it time to buy the dip?
Yesterday, Xiao Miao summarized an article, you can take a look:
Is the decline over? When will the tens of billions of selling pressure be lifted? Binance's mysterious rescue plan is revealed! You must know this great news!
After reading this, you will know why the market is like this recently!
So, is it time to buy the dip now? Which coins can I buy the dip?
In fact, apart from Bitcoin, most altcoins other than Ethereum, BNB and SOL have fallen sharply from their March highs, some even falling by more than 50%, which can be said to have suffered heavy losses.
When Bitcoin drops 30%, it is usually a good opportunity to buy the dip. For example, if Bitcoin drops 30% from its peak, the price will fall back to about $52,000, and it may test this price area in the near future.
If you are currently short or have not entered the market, then congratulations, this is a rare opportunity to buy at the bottom! This big market plunge may make many friends panic. The spot I personally hold is also suffering from floating losses, but I firmly believe that this year's bull market will still come, and it is getting closer and closer.
If you want to buy mainstream coins at the bottom now, I think Ethereum is safer than Bitcoin. In comparison, Bitcoin faces much greater on-chain selling pressure, while Ethereum has no other substantial selling pressure. After the Ethereum ETF goes online in mid-July, it is expected that there will be additional Wall Street funds flowing in. Even if the amount is not large, it is an additional buying order, which is more advantageous than the coins with capital outflow.
In addition, TON is worth paying attention to. In this round of correction, it has been quite resilient, and its monthly return rate is still positive, which is very impressive. In July, Telegram's mini-games Hamster Kombat and Catizen will also issue tokens, so you can pay close attention to the trend and performance of TON.
The correction of this round of altcoins exceeded market expectations. The original increase was not high, but there was a relatively large drop. It is reasonable to follow the logic of Bitcoin's decline, but in terms of space, it is indeed impossible to cause a sharp drop due to liquidity problems such as many projects and dispersed funds.
The only explanation is emotional wash! Currently, altcoins represent the emotions of retail investors, and retail investors holding altcoins have reached an all-time high. In contrast, there are far fewer retail investors holding Bitcoin and Ethereum. Only through a large-scale wash can a bull market feel panic, and the dealer can wash away the chips of retail investors and prepare for the next pull. Now, many people no longer believe in altcoins, and the main purpose of the main force has been achieved. If the altcoin falls enough, it can quickly rise several times or even dozens of times when the market starts, attracting more retail investors to enter the market to take over, which is also the only means to create a wealth effect.
However, I am not saying that you should buy altcoins at the bottom. The current bull market is different from the past. There are too many types of cryptocurrencies in the market. Once many altcoins fall, it is difficult to rise again, and they may even return to zero. Therefore, if you want to buy, it is safer to choose those hot new coins that have attracted a lot of attention.
In short, the most difficult stage is about to pass, and many major negative factors have been implemented. The liquidation data in recent days is close to the situation when FTX crashed at the end of 2022, and the bottom characteristics are gradually increasing. I suggest that everyone should not look at the market too emotionally. It is very likely that it is at the bottom now. I believe that by October at the latest, we will see the answer!
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
