July 3, 2024 Grandpa checks in

Bitcoin fell back below 61,000 again. Although this wave failed to break through the small pressure of 65,000 directly, it was within expectations. As long as it does not effectively fall below the support of 60,000, it will remain bullish in the short term. Similarly, the corresponding support of Ethereum is 3,300 points, and this position must be linked to Bitcoin. As for the altcoins, there have been obvious main players making trouble recently, such as ZRO, which was criticized badly before. The main players can easily pull the market under the condition of high control, and many other altcoins have also fallen to a support.

Of course, my optimism about the market does not mean that all altcoins can enter. Those who have been reading my articles should remember clearly one thing I have emphasized: Don’t touch new coins with high FDV. A typical example is #AEVO_USDT , a new project with old coins. After it was launched on BN with the contract order data, it started a unilateral decline mode. The project party chose to continue to ship out the large amount of old coins that they had hoarded after exchanging them for Aevo. A rough estimate of the amount shipped by the main force in this wave is worth hundreds of millions of US dollars, which the project party cannot finish in several lifetimes.

Another thing today is #TAO , which fell by more than 15% in a short period of time due to the theft of the on-chain wallet. It is not clear whether this is a self-directed and self-acted shipment method by the project party, but the TAO token has almost started a unilateral decline mode after the launch of BN, from the highest of 700 to the current 240 US dollars, a drop of 65%. I may not be able to judge which coins can be bought, but I still have a say in which coins cannot be bought, which can be found in my historical articles.

I am not blaming BN. Listing BN is the best way to directly sell chips to secondary investors. There will definitely be different projects scrambling to get listed. In a sense, it is indeed difficult to avoid. For retail investors, they are at a natural disadvantage in the secondary market, so they must improve their trading capabilities to adapt to the ever-changing market. For us, stepping on the pit is inevitable, but the tuition fee must be worthwhile, and try not to make the same mistake as much as possible. Especially before a heavy position, you must make a clear judgment.

Thank you for your attention and likes.