Market Analysis 8.28
Good morning, brothers. The market has once again fallen below $60,000.
This time the lowest price fell to $50,000 and the highest price rebounded to $65,000, a 30% increase.
From the on-chain data,
(1) Not much BTC flows into the exchange
(2) Stablecoins maintain their stock in the past few days, and there is no large outflow from the exchange
This round of decline is a profit-taking of bargain hunters
In addition, the selling pressure in Mentougou continues to increase, and the selling pressure is constantly increasing
If there is no other negative news
BTC should be able to stay around $58,000-$59,000
It has been sideways around this price for half a month and has strong support
Think about this logic clearly: dog dealers always want to make money
50,000-55,000 dog dealers have re-arranged their positions, and they must cash out at high levels
Hold the coins patiently, don’t sell at the bottom
It will take some time to wear out the selling pressure in Mentougou
It will take at least half a month
It may last until mid-September
The PCE data will be released on Friday,
If the market is positive, there should be a small rebound
If there is bad news, it will touch $52000
