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🔹Reviews of Cognitive Society
Bitcoin's pullback on August 10 was expected, and the price of 57,600 was also expected. The key pressure point for Bitcoin's rebound is around 62,000. If it can stand firm at 62,000, it is expected to slowly stabilize.
The attitude of Cognitive Society is that if Bitcoin holds 57,000, it will see around 62,000
If Bitcoin falls sharply due to negative news and does not break 53,000, it can also be seen around 62,000
As long as the US economy does not decline, as long as Trump does not lose the election, and there is no huge negative impact, there is obviously no need to panic about Bitcoin under the expectation of interest rate cuts.
Bitcoin's lowest point of 57,600 on August 10 coincides with the support level of 57,000 in yesterday's article.
The highest point of Bitcoin's rebound on August 9, 61,500, coincides with the pressure point of 62,000 in yesterday's article.
All we can do is pay attention to Ethereum when Bitcoin plummets, and wait and see how Ethereum performs.
🔹The K-line spirit of cognitive society
Many new fans feel that the articles in Cognition Society do not directly predict the rise or fall of prices, which will affect their fortune. The principle of Cognition Society is to focus on spot trading in a bull market. We do not over-judge the rise or fall of short-term prices. This is not Tai Chi, but Cognition Society has its own principles.
Cognitive Society does not know when Bitcoin will plummet, but we remind ourselves that every time Bitcoin plummets, it is an opportunity. We enter the market when Bitcoin plummets and deploy our favorite Ethereum UNI and hot altcoins.
Therefore, if you hold 8 layers of positions, you should control your positions to around 7 layers when Bitcoin accelerates its rise. In the bull market, don't fantasize about shorting your positions every time Bitcoin plummets.
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Data: Currently only 66% of Ethereum addresses are profitable
According to IntoTheBlock data on August 12, only 66% of Ethereum addresses are currently in profit. Last week's market downturn had a significant impact on Ethereum, causing many holders to fall into losses. The last time a similar proportion of profitable holders was seen was in October 2023, when Ethereum was trading at around $1,800.
📍Interpretation of Cognitive Society: It is very difficult, very difficult.
Yesterday, Bitcoin miners' income fell to a new low this year, only $2.54 million
Yesterday, the daily revenue of the Bitcoin mining community fell to $2.54 million, a new low for the year, a figure that was last seen in October 2023. After the Bitcoin halving event on April 20, the mining reward will drop from 6.25 BTC to 3.125 BTC, and the revenue will drop significantly.
In addition, daily revenue from Bitcoin mining fell below $3 million for the first time in May. In comparison, the mining community earned about $6 million per day in the first four months of 2024. The main reasons for the decline in revenue include the ongoing bear market, the decline in Bitcoin market prices, the increase in network difficulty, and the resulting liquidations.
Centralized Exchanges’ Bitcoin Reserves Fall to Lowest Level Since November 19, 2018
On August 12, Bitcoin.com reported that according to data from Cryptoquant.com, 99,308 bitcoins (worth $5.96 billion) have been withdrawn from centralized exchanges (CEX) since July 11, 2024, and CEX's bitcoin reserves have fallen to the lowest level since November 19, 2018. Currently, CEX holds 2,679,880 bitcoins, which is worth about $161 billion based on the bitcoin price on August 11. In addition, Ethereum's reserves have also been reduced to the lowest level in many years; currently, CEX holds 16.8 million Ethereum, a sharp drop of 18.64 million Ethereum from the historical high of 35.44 million Ethereum on June 4, 2020.
The media commented that the continued decline in BTC and ETH balances on CEXs shows that cryptocurrency investors are increasingly leaning towards self-custody solutions, which may have a long-term positive impact on the price growth of these tokens.
📍Cognition Society Interpretation: Bitcoin and Ethereum activities have cooled down
🔹Summary: Bitcoin will continue to trade around 62,000 unless it breaks 57,000. Every time Bitcoin plummets, it is an opportunity for Ethereum to enter the market.
May 2024 is the mid-term of the bull market for Bitcoin and Ethereum. Every plunge is an opportunity. Long-term K-line research focuses on Ethereum UNI OP NEAR BLUR and Link Bread;
🔹Short-term data
Disclaimer: The K-line data analysis provided by Cognitive Society is based on data analysis, does not represent any position, and does not confiscate any project party a penny.
🏷Bitcoin
Support: 58200 57000
Pressure level: 60500 62000
🏷Ethereum
2720 Suppression
The highest point of Ethereum's rebound on August 12, 2720, coincides with the pressure point of 2720 in yesterday's article.
The highest point of Ethereum's rebound on August 11 was 2720, which is close to the pressure point of 2700 mentioned in yesterday's article.
Grayscale is estimated to need 3 months to sell. The selling pressure is the greatest in the first month. Wait for the chips to be exchanged.
A sharp drop in Ethereum is an opportunity to enter the market
Deploying Ethereum is the core strategy.
Pressure level: 2700 2730
Support: 2600 2550
SUN
142 is indeed the lowest point. 142 133 support level
🏷LINK
Pressure level 11, 10, support level 9.3
New value, new RWA leader, the plunge can be configured, cognitive society 22 23 years 5 layout LINK
🏷 him
When the market plummeted, Cognitive Society reminded us that UNI5 was a good bargaining chip.
Pressure level: 6.4 6.8
Support level: 5.9 5.7
🏷️BLUR
0.17 0.2 is the pressure level
🏷OP
Really stuck at 1.5, want to stabilize at 2
Cognition Society believes that OP around 1.1 is still worth considering
Pressure level: 1.44 1.55
Support: 1.25 1.1
🏷CRV
0.3 War
0.36 is the super strong pressure point
🏷️UN
The lowest is 2.4
2.66 2.8 pressure level
If it weren't for the low circulation of JTO, we could have paid more attention to it and found a huge amount of bottoming out.
🏷️TREES
0.0067 will see if it can hold up. If it breaks 0.0058, it will be a good opportunity.
🏷️WIF
The lowest 1.6 is a perfect match, 1.8 2 pressure level
🏷1000SATS
0.000315 0.00034 are both strong pressure points
🏷1000RATS
Stuck at 0.01 pressure level
1000RATS rebounds to near cost and reduces positions. After reducing positions, reduce the proportion of long-term positions. The fluctuation is too large and most people cannot bear it.
🏷NEAR
When the price of NEAR23 is around 1, Cognition Society is the only one that reminds you to invest regularly when the price is around 1.3 to 1.
Pressure level: 4.2 4.4
Support: 3.8 3.7
🏷️YUP
0.77 0.7 support level
🏷BNB
520 is a small pressure point, 550 is a strong pressure point
On Earth, when BNB is around 200, Cognition Society exclusively reminds you to invest in BNB between 210 and 180
Support: 500 490
Pressure level: 535 550
Others, wait for more updates
🔹Understanding attitude towards making money
Cognitive Society does not like hindsight
I don’t like those KOLs who claim that they can make a lot of money.
If someone in the cryptocurrency circle could profit from the rise and fall of every coin
Leverage is not about making 10 billion a year
But the second largest exchange on earth saw the market makers manipulate the market, and it only lost billions and went bankrupt.
Form your own trading system and make money within your own cognitive scope. Don't fantasize about making money from every daily rise and fall, let alone the rise and fall of every coin. This person does not exist on the earth, nor does this kind of organization. If such an organization existed, FTX, the exchange that looks after the main backstage, would not have gone bankrupt.
Desire and ability are not equal
The heart can never be at peace
How can you hold on to the coins if you are not calm inside?
Many people always like to rely on other people's promises and guarantees to hold on to their coins when the market crashes.
Banks are going bankrupt. Even some big countries’ fiat currencies are going bankrupt. Evergrande and Zhongzhi Group are bankrupt with tens of trillions of dollars.
Do you think people who promise returns can be trusted in such a high-risk place like the crypto industry?
The charlatan is just talking nonsense. As for the real crash and bear market, have you ever seen those people who advocate the bull market every day?
