Today's market analysis:
BTC: The day before yesterday, it fell back and closed with a long upper shadow line. Yesterday, it closed below the 14-day moving average of the daily line, and the lowest was around 65,300, which is just at the middle track support of the weekly Bollinger Band. From the daily line, the overall trend is bearish, and the upper focus is on the pressure of the 66,700-67,200 range. The lower support focuses on the strongest resistance of the Fibonacci 61.8% retracement line near 65,000 points. The idea of maintaining a high altitude is maintained in terms of operation.
ETH: Since the launch of Ethereum ETF on July 23, the positive news has landed. After a large correction of more than 12%, ETH rebounded from oversold, rebounding to around 3400 points, just touching the previous locked-in area. The highs and falls in the past two days indicate that the pressure from above is very obvious. The intraday operation strategy is to maintain high altitude as the main focus, with the upper pressure focusing on the 3310-3340 range, and the lower support focusing on 3200 points first, and continue to look at around 3100 if it falls below.
In terms of altcoins: the altcoin sector follows the mainstream and makes slight adjustments!
MEW: It rebounded yesterday and returned to the 7-day moving average of the daily line. It continued to fall today and has now fallen below the 14-day moving average. It remains bearish in the short term!
BSV: It has risen sharply for two consecutive days. It fell back after rising yesterday, just touching the previous locked-in area. Today, it has formed a negative line. The short-term support is around 48. #MEW #BSV
What is the prospect of Bitcoin? Is Wall Street running away? Let's use data to speak!
In the past 20 days, Bitcoin ETFs have generally shown net inflows, and the amount of inflows is not small. Even though the plunge in U.S. currency in the past two days caused some panic, there was no significant net outflow of ETF funds.
In fact, Wall Street is now buying at a low price, gradually entering the market at a rate of about $150 million per day. Germany has completed the sell-off, and only Mentougou is left. It is expected that it will be basically cleared in two weeks. After that, the bad news will be greatly reduced, and the good news will follow.
To be honest, these asset management giants on Wall Street also need to make money and earn profits by charging management fees. Therefore, the rise in the price of coins is more beneficial to them. Everyone is trying to make money in the cryptocurrency circle, which is consistent with the interests of Wall Street. They will definitely promote the arrival of the bull market.
Therefore, please remain patient and ambush at low points, as the bull market may start at any time.
COMP
From the daily chart, COMP price has gone through a long correction phase, falling to as low as $44 after breaking the psychological support of $50. The downward trend formed a descending trendline on the daily chart. However, the bullish force that emerged recently broke this trendline. In addition, COMP price has risen by 11% recently, breaking through the 50-day exponential moving average (EMA) and regaining the $50 mark.
Currently, COMP is priced at $52.65 and the intraday Doji candlestick reflects potential bullish weakness. Moreover, overhead supply could lead to another bullish failure. The daily Relative Strength Index (RSI) is moving sideways around the midline and the recent uptrend reflects this trend. The RSI line remains above 50% with no divergences, supporting the continuation of the uptrend. The 50-day and 200-day EMAs turned down after the death cross event. Following the breakout of the 50-day EMA, the 200-day EMA becomes the next dynamic resistance for COMP's uptrend.
If a breakout above $56 is confirmed, it could signal a trend reversal and could potentially push COMP price to $75.
TON
Toncoin has successfully retested its important support trendline, forming a symmetrical triangle pattern on the 1D timeframe. Furthermore, with price volatility increasing, this altcoin shows a high probability of a bullish breakout.
Currently, Toncoin is trading at $6.784 with a circulating supply of 2,516,682,453 TON tokens, giving it a market cap of $1.704 billion, making it the ninth largest cryptocurrency by market cap.
The Moving Average Convergence Divergence (MACD) shows a continued decline in the red histogram, indicating increasing buying pressure. Moreover, the indicator hints at a positive outlook for this week as the probability of a bullish convergence is high.
Furthermore, the SMA indicator experienced a bullish convergence on the 1D timeframe, showing a strengthening of bullish sentiment in the cryptocurrency space towards the price of Toncoin.
Polygon（MATIC）
Despite the increased volatility in the cryptocurrency market over the past few weeks, MATIC token is still trading under bearish sentiment, down 1.12% over the past day with a trading volume of $189.42 million. In addition, it is down 2.73% over the past week and 6.47% over the past month.
The Polygon crypto token has formed a symmetrical triangle on the 1D timeframe and is set to break out in the near term, with an uncertain outcome. MATIC has plunged 46.57% year to date and is currently ranked 21st, trading at $0.5126 with a market cap of $5.127 billion.
The MACD shows a constant flat line on the 1D timeframe, and its average is also showing a similar trend, highlighting the uncertainty of future price movements. On the other hand, the Relative Strength Index (RSI) continues to hover around the midline, but its average trendline shows a bullish convergence, indicating mixed market sentiment.
If the bulls break out of the triangle pattern, Polygon price will regain momentum and be ready to test the resistance at $0.690. Sustaining this level will set the stage for MATIC price to attempt to test the overhead resistance at $0.890 in the coming weeks.
Conversely, if the bears overpower the bulls, MATIC could break below its important support at $0.50 and drop to new yearly lows.
WIF
The Solana ecosystem is booming, with Dogwifhat (WIF) leading the way. WIF is currently on an upward trend, becoming the third largest token in the meme coin space by market cap. In the past seven days alone, WIF has surged 59%, surpassing PEPE and rising to 39th place in the global market cap ranking.
As of today, Dogwifhat is priced at $1.23, up 1,274% year-over-year. Additionally, sentiment is positive, with a Greed Index of 75, indicating that investors are optimistic about its prospects. Over the past month, Dogwifhat has posted an impressive 17 consecutive days of gains. During this period, its closing price has always been slightly higher than its opening price.
Dogwifhat’s bullish trend is reflected in its Relative Strength Index (RSI). The coin is firmly in the bullish range. Moreover, the Directional Movement Index (DMI) also confirms this bullish sentiment, indicating that the meme coin is in a strong uptrend.
It is expected that Dogwifhat may continue to rise in the coming days. Forecasts show that Dogwifhat may soon hit a new all-time high of $5. Likewise, ambitious predictions suggest that double-digit prices may be reached before the end of the year. This reflects the market’s growing optimism about the prospects of this meme coin.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
#MATIC #comp #WIF逆袭
