8.28 Accurate Market Analysis

Good morning, brothers. The market has fallen below $60,000. What do you think now?

This round of the lowest drop was $50,000, and the highest rebound was $65,000, an increase of 30%.

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 it is positive, there should be a small rebound

If it is negative, it will touch $56,000