Bitcoin quickly fell below $70,000.
This morning, another partner rushed to ask: Has Bitcoin fallen again?
The previous high is definitely a resistance level; breaking through quickly is not that easy. Currently, short-term support is around 68,300. As long as this level holds, there is no need to worry too much; if it breaks, then other altcoins could be in danger.
After all, the current position is quite awkward; Bitcoin is at a high, and many altcoins have dropped 70% to 80% and may still drop further, which poses a short-term risk. However, overall, I still hold the previous view: as long as interest rates do not quickly drop below 4%, it remains stable. The support at $64,000 to $69,000 remains strong, and I don't see any issues. Earlier investors also do not seem to have a strong willingness to increase turnover, and the current trend has not been broken, so it is still worth looking forward to.
Main focus is still on researching on-chain, observing MEME, and also keeping an eye on secondary altcoins. While playing MEME, one must guard against the counterattack from VC coins; currently, it seems VC coins may only gain strength once Bitcoin has completely exited the chaotic zone.
Why maintain the above strategy? External environment: With the US elections approaching, uncertainty in the financial market is increasing. It is visibly clear that funds in the US stock market are choosing to seek safety.
$BTC is very likely to follow the trends of the US stock market; altcoins are likely to follow BTC; while MEME, being a new player, may have its own independent trend and narrative.
Be patient with your positions. Everyone needs to pay extra attention in the next few days because every action taken by the Americans may turn into a super event that determines the global market direction. Tonight at 8:30 PM, the US will announce non-farm payroll data; on the 6th, the results of the US election will be out; and on the 8th, the Federal Reserve will hold an interest rate decision meeting.
Current operating strategy:
If you haven't sold at the top and are stuck, just hold on and don't cut losses. Consider switching to subsequent hot sectors; when the leading coins emerge, think about switching to the second-tier leaders. If you have sold at the top or still have positions, you can boldly buy in batches; a sharp drop is an opportunity to pick up cheap coins.
Many people are deeply trapped with a lot of altcoins and have no positions left to buy the dip.
- $RAY
It holds a significant advantage among all DEXs on Solana, influenced by meme narratives, consistently ranking among the protocols generating the most fees, and can be seen as a leveraged version of SOL.
The reasons I am optimistic about it are as follows: With the same fees, SOL and LDO share income through token buybacks, and token buybacks > incentives, investors are fully unlocked.
- $SOL
Golden opportunity, SOL's golden retracement; there’s still this opportunity before the election, which cannot be missed! On-chain data shows that BTC is about to surge, and I won't elaborate further on interest rate cuts and elections!
Wall Street wants the SOL ETF to pass. It has been skyrocketing since the second half of last year, increasing by more than 20 times, with strong momentum. It competes fiercely with Ethereum and has support from US capital; breaking new highs is just a matter of time.
- $SUI
The Sui chain recently received great news: Suilend has officially launched a new token standard—SpringSui!
This innovation not only marks an important step for Sui in the field of liquid staking but also has the potential to completely change the staking landscape of Sui. The launch of SpringSui is undoubtedly a major benefit for Sui, providing additional earning opportunities for stakers and driving rapid growth in the field of liquid staking. As more protocols and platforms integrate SpringSui, Sui's ecosystem will only become more prosperous. Positioning for Sui, with a target of $10!
- $DOGE
Due to the upcoming US election next week, there is preemptive hype. Dogecoin is another coin that Elon Musk has endorsed, and currently, Dogecoin is retracing to the five-day moving average support level on the daily chart. I am bullish on DOGE around 0.158.
- $JUP
The leading DEFI aggregator on SOL, launched at the beginning of the year, with a market cap of $1.2 billion and an FDV of $10 billion, TVL surged to $1.59 billion. It offers a good user experience, with features like regular investment and a JLP token similar to GLP.
However, a large number of coins are still locked, and the team's holding ratio is high, leading to an increase in TVL while the token's increase is small. If TVL continues to rise, the token price is expected to follow.
