Will Bitcoin rise or fall in the short term? We can see from the chart that the market structure of Bitcoin is changing. Previously, Bitcoin kept hitting lower lows and the top was also falling. But now the situation is different, the bottom is rising and the top is also rising. As long as it stays above 58,500, the situation is expected to reverse.
The current trend is that both lows and highs are rising, which may mean a full-scale counterattack. If the price pulls back to around 58,500, it will be a good time to buy, and it may fluctuate and rise to above 63,000 in the future.
If the price falls below the previous high of 58,000 due to negative news, a lower high will be formed, which will be a signal of decline and requires caution. In addition, the activity of the cryptocurrency circle has increased significantly, major project parties have frequently released positive news, and the trading volume moving average is also recovering. The recovery of market sentiment is a positive signal.
Overall, Bitcoin usually performs strongly in the fourth quarter, with an average increase of 88%. Therefore, I would rather be trapped than miss out, and I will increase my position in high-quality currencies every time there is a pullback.
Next, let’s take a look at the situation of small coins.
First, Solana is facing challenges again. FTX unlocked 170,000 SOL from the staking network and waited for the sale, causing market panic. In addition, FTX still has 7.05 million SOL in its wallet, worth about $1 billion, which has not been sold. Since FTX will start repaying its debts in October, a sell-off is almost inevitable, and it may reduce the market impact through over-the-counter transactions.
Solana's original developer conference on September 20 was dragged down by these selling pressures and potential investigations, and its performance was not as good as expected. In contrast, BNB's performance was much stronger. Binance is about to launch the BNB re-staking function, which will increase the attractiveness of BNB and increase the TVL of on-chain funds through double staking, further benefiting valuations.
In addition, Binance's Hamster new coin mining will end on September 26. Short-term players can consider taking profits in the early morning of that day and wait for a pullback before re-entering. Technically, BNB has formed a large-scale head and shoulders bottom pattern. If Bitcoin stabilizes, BNB is expected to rise to the $600 neckline resistance and may break through to $700. However, this trend cycle is relatively long and requires patience. At the same time, the overall trend of Bitcoin is also uncertain.
In addition, the hard fork upgrade of BNB on the 26th and the return of Zhao Changpeng on the 29th are all positive expectations, and investors who have made previous investments have already received good returns.
As for FET, due to the release of OpenAI's new AI model, the price of FET soared 10% from $1.3. As the good news came true, I have chosen to take profit.
The recent People and Floki operations also successfully escaped the top and shorted. Although Bitcoin's recent gains are limited, we have made a lot of profit thanks to the good news of small coins. Interested friends can follow the real-time operation suggestions I released.
Let’s take a look at the latest news about other small coins.
First, Grayscale announced the launch of Sui Trust, which provides a legal entry channel for Wall Street institutions and hedge funds that were previously unable to purchase through exchanges, which is good news. However, Sui has only unlocked 25% of its tokens so far, and there are still 3 times the current circulation of tokens to be unlocked, which puts a lot of long-term pressure on it, so it is suitable for short-term operations.
In addition, Grayscale has launched XRP Trust, and Pendle has released Bitcoin pledge financial management. These news are sudden positive news, and the price of the currency rises rapidly after the news is released. If you enter the market later, you may end up taking over. Therefore, in comparison, currencies like BNB that can be ambushed in advance are easier to make profits.
It is worth noting that the RWA sector, which has been silent for several months, has also begun to pick up. OM and Tru have performed well, especially Tru has successfully broken through the W bottom, rising from 0.09 to 0.122, an increase of 30%. Next, I will wait for the classic breakthrough and retracement, and plan to re-position around 0.11 and 0.1. 0.1 is a relatively stable position. And OM can also consider covering positions in the range of 1 to 1.05 US dollars.
However, everything still depends on the trend of the Bitcoin market. Compared with contract operations, spot trading is still a safer choice.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
Original author: SHUQIN
