When the cryptocurrency market is facing extreme pressure, the prices of BTC and altcoins have fallen sharply, and the situation is very serious.
U.S. stocks have continued to hit new highs recently. Yesterday's small non-farm data was positive. The U.S. dollar weakened and gold rose. However, BTC fell sharply against the trend. This is a dangerous signal.
At present, BTC has fallen below the daily MA200 and the weekly rising trend line, entering an extremely dangerous stage.
ETF holders and large traders may therefore stop losses and exit, further exacerbating selling pressure.
Today's big non-farm data and unemployment rate are key and will have an important impact on the Federal Reserve's future interest rate policy decisions.
It is predicted that today's unemployment rate may be in line with expectations, but the big non-farm data may exceed market expectations, which may have a negative impact on the market.
Corresponding strategies:
1. Maintain a fearful attitude towards the market, survival is crucial, strictly abide by trading disciplines, and avoid going long too early;
2. BTC has fallen below the daily MA200. If the daily closing price continues to be lower than 58.3K, consider reducing the spot position by another 10%;
3. If today's non-agricultural data and unemployment rate are negative, consider reducing the spot position by another 10%; if it is positive, you can moderately increase the spot position;
4. If the big non-agricultural data and the CPI data next Thursday are unfavorable, it is expected that BTC may fall to around $50,000, at which time the reduced spot position will be increased again;
5. If the Federal Reserve does not further release money, it may be difficult for the cryptocurrency market to start rising. Stay patient, effectively control risks, and wait for possible interest rate cut signals in September or November.
The 3 most worthwhile cryptocurrencies to buy in 2024 that will explode 100 times by the end of the year!
TO US
Ethereum Name Service (ENS) is a decentralized domain name service based on the Ethereum blockchain that aims to simplify the use of blockchain addresses. Since its launch, ENS has steadily grown in adoption and usage, becoming an important part of the Ethereum ecosystem.
Since December 2023, ENS has performed very strongly, with the price rising from $8.81 to $30, an increase of more than 185%, and is expected to reach a new all-time high of $85.69 this year. KP92877 As institutions like BlackRock begin to use Ethereum, the demand for ENS is likely to grow further, making it a valuable asset.
Recently, the cryptographic naming service provider announced the ENSv2 upgrade, which aims to improve the affordability, flexibility and scalability of ENS. The upgrade plan has been announced, but the specific release date has not yet been determined, which may have a significant impact on market prices.
TREES
The 4-hour chart of BOME/USDT shows a clear downtrend, with technical indicators in neutral territory and the price below all moving averages.
Further analysis showed that there was a blue line above the green and red lines of the Alligator indicator, with momentum above the price, indicating the possibility of an opening bean signal.
The RSI shows that the price is in oversold territory, which could result in a short-term reversal that sustains the price above support levels.
At present, the price of BOME is under the control of short sellers, and social sentiment shows a special decline, and the price of Bitcoin can only release support. The weighted sentiment index shows about -0.5, which is a negative number, indicating that the sentiment of asset discussion is low.
Bulls need to sustain BOME prices above $0.008 to prevent a shift in sentiment. However, for a rebound to materialize and break out of the downside resistance, bulls’ strength support above $0.01 may be needed.
SUN
Known for its high throughput and low transaction costs, Solana (SOL) has become one of the major platforms for DeFi projects and NFTs and is expected to achieve significant growth in the future. Recent rumors that Solana may receive ETF approval have attracted widespread attention, and major financial institutions such as VanEck and 21Shares are applying for Solana ETFs in the United States. If these applications are approved, it could push Solana's price up significantly.
Reports say the Solana ETF could follow the trend of Bitcoin (BTC), and once approved, Solana’s value could increase more than 5 times. Some top cryptocurrency analysts predict that if the ETF is approved, Solana’s price could reach $1,000.
However, facing a complex regulatory environment, the success of these applications will be a key factor.
