The overall trend of the market is still within expectations. This is a 4h level correction and the repair of the top divergence indicator. At present, the repair of the indicator has entered the late stage, the top divergence has been repaired, and it is only waiting to return to the bullish state again. At the same time, we can also see that if the market falls back again, there will be a head and shoulders top shape (there is no right shoulder yet). So 6.3w is a relatively important position in the short term.

Personally, I think this head and shoulders top is unlikely to hold. The more likely trend is that there will be another pullback, but there may not be a new low, to lure the market into a short position. If it falls below, I will write an article to express my views. For trading, buying around 63,000 is definitely a cost-effective transaction, with a small stop loss and a large stop profit.

The daily level is still bullish, so there is no need to become pessimistic because of the correction. At present, I am optimistic about the market in August. It may be a relatively large market, and there is still a week left, so wait patiently.

The wealth effect of the cryptocurrency circle has been much worse recently, and most of the market is garbage time. If BTC falls to 64,000 again, many altcoins will continue to fall. Now is not the best time to sell. Keep your position unchanged and continue to wait patiently.

ETH’s price did not surge after its ETF was approved. Some previous speculators need to be washed out. ETH’s return to 4,000 is a definite event. It is just a matter of time. Maybe after the 1-2th rate cut, the approval of the ETF will help large funds flow in. Only 1/3 of the funds that flow into the BTC ETF will be enough.

When will ETH stabilize?

When the Ethereum ETF continues to see positive inflows, it will be considered stable.

The trading situation of Ethereum spot ETF shows that it is gaining favor among more and more investors.

The increasing trading volume of ETFs indicates that the market's recognition of this investment method is increasing, and Grayscale Ethereum Trust's leading position in trading volume also reflects the fund's influence and appeal in the market.

Maintain the view that ETH's future performance is still worth looking forward to, and cherish the opportunity of a pullback.

Altcoin investment strategy in the second half of the bull market:

Definitely do not buy altcoins with high FDV and low market capitalization: This type of currency usually has greater risks.

There has been a large amount of unlocking recently: Large unlocking may cause drastic price fluctuations.

DWF Market Making: Avoid the uncertainty caused by market manipulation.

Consider buying altcoins with new narratives that cannot be falsified and valued:

These currencies may have higher potential.

Long-term sideways trading with a stable chip structure: This currency may have stable growth potential.

With real business income: The risk of currencies with real business income is relatively low.

Operational advice: Be cautious in pledging: Avoid potential losses due to market fluctuations.

Set a good stop loss: Stop loss in time to prevent unforeseen risks.

Stop profit in time: sell decisively when the target profit is reached to ensure that the profit is pocketed.

In addition, CZ will be released next month. CZ may bring some market. On July 11, the SEC officially ended its investigation into the issuer of Binance Stablecoin. A few weeks ago, a US judge dismissed the charges against CZ, and he is expected to return in the next few months.

BNB has been steadily increasing on-chain transaction volume and dominance since June, and after CZ returns in Q3-Q4 2024, Binance and the entire $BNB ecosystem will experience rapid growth.

After the release of CZ, it is expected that the education sector will have a wave of upward movement, hook, edu!

At the Federal Reserve interest rate meeting next Tuesday and Wednesday, Powell is likely to make a dovish speech to pave the way for a rate cut in September. In any case, before the rate cut is officially implemented, the positive news is often accompanied by various forms of market smuggling to induce short selling. How the short-term market will fall is difficult to give an accurate answer from the technical logic, but how the cyclical market will go, the market has not changed its direction.

Don't be too pessimistic. Grayscale's dumping of Ethereum has been mentioned long ago, and everyone understands the long-term benefits of ETFs. Just wait until Grayscale's inflows and outflows are close to equilibrium, and take it back. If you haven't shipped anything, let's review the Bitcoin ETF. After Grayscale's shipments fell for two consecutive weeks, Bitcoin's price rose sharply from 38,500 points to 73,900 points in two months.

Lower your expectations, all experiences are gifts, don't let the garbage time of the market consume your emotions. Rebounds have their own hardships, declines have their own scenery, look forward to the cycle that can be expected, wait for the market that can be expected.