In the early morning, BTC fell back after the golden cross between EMA200 and EMA20. The price consolidated around EMA20 for 24 hours (6 4-hour candlesticks), and then a big positive line continued to rise. At present, both EMA20 and EMA200 moving averages have turned upward.
1. For the future market outlook: If Bitcoin is to rise to 70,000, it is best not to have a large price pullback, and at the same time the slope of the EMA moving average continues to increase, forming a complete bullish arrangement.
2. The next low-risk entry point: continue to wait for EMA20. As long as the price does not effectively fall below EMA20, the overall market will remain strong.
Now is the critical time point for the change
The main reason is that various speeches before the election will affect market expectations.
Moreover, Jianguo currently has a high chance of winning, and coupled with Jianguo's optimism about encryption, it is likely that different new policies will be introduced in the future.
What’s more important is that before the election is announced (the election will be announced on November 5 this year), there were three interest rate hike and rate cut decisions announced (on August 1, September 19, and November 8 respectively). If these three interest rate decisions were announced with interest rate cuts when the U.S. stock market was still high, then the subsequent violent bull market will be unstoppable!
Protect the bloody chips in your hands. The copycats have gradually begun to perform. From the data point of view, the decline in April completely cleaned out the retail investors' copycat contract positions, and the decline in June completely cleaned out the retail investors' copycat spot positions. For traders who successfully got the copycat chips at the bottom, be sure to hold on to your spot chips.
ETH’s spot ETF will be launched next week, and many people are worried that Grayscale will cause selling pressure again.
1. It was not Grayscale that dumped the market, but its users. Grayscale holds almost no ETH.
2. The so-called market crash was mostly due to the fact that the transaction fees of GBTC were too high at the time, and many investors switched their positions from GBTC to other ETFs.
Even so, GBTC currently holds more than 280,000 BTC, slightly lower than the 600,000 BTC stock at the opening.
3. Although Grayscale’s transaction fees are also very high this time, there is a Mini ETF of ETH, which accounts for 10% of the total. It is hoped that the sell-off will be reduced, but it is hard to say whether some people will not be able to bear it.
4. Many people are saying that the price of ETH has already shown its performance in advance, and the expected positive news will turn out to be negative news. This idea is 100% wrong. Many people said this when it came to BTC, but in the end, it reached a new high after the correction period. The same is true for ETH, because the biggest positive news is not the news of the ETF approval, but the real money and silver that came in after the news, which turned into purchasing power, and this is the real positive news.
It is because too many friends have this illusion that they missed out on the BTC market.
Also pay attention to market sentiment. Before the second biggest positive news of this month is about to be implemented, the market is in a relatively high adjustment stage and has not fluctuated much. Whether the Ethereum spot ETF will eventually be implemented or realized will depend on next week. Judging from the fact that Bitcoin spot ETF fell first and then rose after it was approved, Ethereum will basically maintain this rhythm, but the expected callback range will be smaller than that of Bitcoin at that time.
Ethereum ETF is launched. How to choose high-yield altcoins?
If you want to invest in ETH-related altcoins to pursue higher returns, the following suggestions may help you:
Investing in ETH itself is a good choice: as a mainstream cryptocurrency, Ethereum has solid growth potential.
Consider high-Beta coins: Pepe, Pendle, and ENS, which may bring higher returns than ETH.
Perhaps like the Bitcoin ETF, the inflow of funds into the ETF will not have much impact on the Ethereum ecosystem.
Trump will speak at the BTC conference next week, and Ethereum’s ETF may be launched, which is a lot of positive news. After all, there are still so many things to analyze, so for now, everyone should hold on to the current spot chips and look forward to next week’s market performance!
