The news that will affect the market this week include the Trump vs. Harris TV debate on September 10, the Defi-related hearing of the US Congress, the release of the US CPI index on September 11, and the release of the US PPI index on September 12.
In the past week, the market performance was still unsatisfactory, with a net outflow of $706.1 million from Bitcoin ETFs in a single week. The panic index has been in a state of panic and extreme panic. The losses of spot traders continued to increase in the past week.
From the daily level, the lowest price of Bitcoin has reached 52550 US dollars. According to the Fibonacci retracement line, the price of Bitcoin is just around 0.236 (52776) in the rising stage, and the closing price is above 0.236. This shows that the support at this position is still valid, but from the perspective of indicators, the current Bitcoin daily level has been running below the moving average, and the market is still in a bearish trend. In the short term, 63121 US dollars is a strong pressure level at the daily level, and it is also the high point of the daily level falling below the moving average. Therefore, in the short term, if Bitcoin wants to continue to break through above 70,000 US dollars, first of all, the daily level closing line needs to stand firmly above the 30MA moving average of 59,000 US dollars, and the price continues to break through 63121 in large volume before it is possible to continue to move towards the high point. If the market continues to fall, it is necessary to pay attention to the low point of 52500 in the short term. As long as 52550 does not fall below, the price will not quickly drop to the 50,000-49,000 range. From the indicator, Bitcoin is currently running in the oversold range and there is a need for a rebound in the short term. However, at the close of the daily level today, the price needs to stand firmly above $55,138, and multiple indicators such as MACD and KDJ on the daily level can form a low-level golden cross. The market can continue to rebound. Currently, El Salvador's current holdings have exceeded 5,865 bitcoins. Since the end of August, it is suspected that the cold wallet of Karen Exchange has increased its holdings by 1,000 bitcoins every day. Currently, it holds 12,500 bitcoins. This kind of large-scale investment is estimated to be only affordable by giant whales or institutions. This also shows that the market still has unlimited potential, and a new round of increases will come after the mid-term turnover.
Let's take a look at ETH. Recently, many whales have sold their ethers, and hackers have continued to sell the stolen ethers, causing the trend of ether to be significantly weaker than Bitcoin. The founder of Three Arrows Capital has had his position liquidated during this round of decline, including a whale's long ETH position, which was also liquidated, with a loss of 17.51 million US dollars, etc. The continued decline of ether has caused heavy losses to the big players and whales who entered the ether market at the beginning of the year. However, there are still many big players and whales buying ether. Not to mention that Sun Ge's ether bought at a high price is currently locked up. A whale bought 20,083 ETHs at an average price of 2,277 US dollars in the past two days. Including when the founder of Three Arrows Capital was liquidated the day before yesterday, a big boss also said that he bought the bottom and went long on ETH at 2,240 US dollars. After such a long period of washing, ether may have reached a stage bottom.
From the daily level, the short-term pressure of Ethereum is at $2,700. The recent lowest point is $2,150, which is close to the previous lowest point of $2,084. In the short term, as long as Ethereum closes above $2,335 on the daily level, the rebound trend can continue. On the contrary, if the market continues to fall and falls below $2,150, it depends on whether the $2,084 support is effective.
I personally think that if the market rebounds across the board, the rebound of Ethereum in the mainstream market will definitely be stronger than that of Bitcoin. After all, after such a long period of market scrambling and multiple whale liquidations, Ethereum is now relatively light, and the bull market has entered the second half, and the cottage market is the main theme, so I will not let Ethereum perform too badly in the second half of the year.
Including the currently popular public chain SOL AVAX will go hand in hand with Ethereum.
Remember the current price. Lao Gou believes that the current stage is the bottom of the market. The panic will be swept away in the future skyrocketing market.
At the end of the article, Lao Gou recommends a conservative and a radical potential currency.
Conservatives recommend $SOL , and the local dogs that will emerge in the second half of the year will also be because of it.
The radicals will take advantage of the upcoming rise of Ethereum, and after a long period of consolidation, $SHIB will usher in a pull-up.
That's all for today. Thank you for your long-term support for Lao Gou~
