2024-08-30
Bitcoin is really weak now. The U.S. stock market rose the day before yesterday, but Bitcoin fell. The market rebounded all day yesterday, and Bitcoin returned to above 6w. However, after the U.S. stock market opened and fell last night, Bitcoin also collapsed. It fell below 5w8 in the early morning. Before the positive news of the Fed's interest rate cut in September is realized, many short-term traders will take profits or stop losses and leave the market, and will play again after the interest rate policy and the election results are announced. In the next month, many investors with low risk appetite will choose to wait and see. However, when the global economy re-enters a loose state, a bull market for Bitcoin will be created.
This round of bull market cycle has not yet reached its peak. I still expect there will be an acceleration in Q4. It is still within expectations for Bitcoin to break through 100,000, and the copycat bull market will arrive as scheduled. As the CEX closest to the truth in the entire market, it has taken some actions recently. In the past few days, Binance has been frantically listing contract trading pairs of old coins. Yesterday, mbox was listed, and today chess was listed. These two projects have nearly doubled in price after the good news was announced. In Q4, the global economy will re-enter a loose state, and Bitcoin will inevitably usher in a new high. The entire copycat market will have the same market conditions as in 2017 and 2021. Everyone should seize the opportunity, even if they adjust their positions and asset allocations, to ensure that they can get the most benefits from the copycat bull market.
Markets are always born in despair, grow in half-belief, mature in longing, and perish in hope. -- John Templeton (Father of Global Investment)
The content of this article is intended to provide readers with concise market analysis and investment advice, not direct operational guidance. Investment is risky, so be cautious when entering the market.
(The following sharing is for reference only and does not constitute investment advice)
BTC
BTC: Bitcoin rebounded above 61,000 yesterday and then fell back. The daily chart closed with a small positive line with a long upper shadow. We emphasized yesterday that for Bitcoin, it has returned to a volatile market since it fell on Tuesday (the medium- and short-term volatility is back to a weak trend). In the short-term volatility, pay attention to the pressure of 62,000 and 63,500 above. This was the pressure during the previous volatility. The support below is at 57,500 and 56,200. Don’t chase when the rebound approaches the pressure level during this period, but you can take a chance when it comes down to the support. You can go up a bit at around 58,000 (if the contract needs to set a stop loss), and the next opening point is near 56,200. In the current volatile market, the short-term is random up and down, and there is no obvious trend. You can go up to the relatively low level of the volatility range, but don’t go to the rest.
ETH
ETH: Yesterday, Ethereum rebounded to 2600 and then fell back. The daily chart closed with a small negative line with a long upper shadow. Ethereum also returned to a volatile market. A volatile market means that there is no obvious direction. It is normal to go up and down. You only need to pay attention to the medium- and short-term oscillation range. The short-term oscillation range of Ethereum is between 2400 and 2600, and the medium-term oscillation range is between 2320 and 2800. It is recommended to buy on dips. You can buy a little bit around 2400 (if the contract has a stop loss). The next one is 2320. Just add a little bit when it reaches there.
As for the full short selling? In the long run, the long-term bullish trend of Bitcoin has not changed. This time it goes down and it is also an opportunity to get on board (whether it is short-term or medium-term). As for the copycat, it is hard to say that it is bullish, it can be said to be a bear market.
Altcoins
STX: Stacks is a Bitcoin L2 that brings smart contract capabilities to Bitcoin without modifying Bitcoin itself. Stacks takes a pyramid approach, with a base settlement layer at the bottom (Bitcoin), then adding smart contracts and programmability layers on top of it (Stacks), and then layers on top of that for scalability and speed (Hiro’s subnets)
The market value is 3.5 billion dollars, the circulation volume is 1.465 billion, and the total supply is 1.818 billion.
STX: It went further down yesterday, but it was supported at 1.55. Yesterday, we added positions at 1.55. If you have added positions, just hold them and wait for the next target of 2.0.
Celestia is the first “modular blockchain”, previously known as “LazyLedger”, and is an infrastructure specializing in “data availability (DA)”.
Modularity is the key to solving the blockchain trilemma, and will bring a secure, scalable, and decentralized multi-chain future. Celestia adopts a modular architecture, deconstructing the blockchain into data, consensus, and execution, and empowering developers with limited budgets to easily deploy their own blockchains with a streamlined, modular consensus layer. The total supply of tokens is 1.055 billion, and the circulating supply is 196 million.
TIA: There was a slight adjustment yesterday. The short-term is still weak. The medium-term fluctuation is weak. The 4.5 and 4.0 below are both medium-term fluctuation lows. You can enter when approaching this price.
SATS: SATS is a BRC-20 token that pays tribute to Satoshi Nakamoto. SATS is the abbreviation of satoshi, the smallest unit of Bitcoin. One satoshi is equal to 0.00000001 BTC. The token is a meme token written by an anonymous team. Currently in full circulation, the total circulation is 210 billion
UniSat released a product update for UniSat Swap, which will launch the Swap function on the Bitcoin mainnet and Fractal Bitcoin, and use BRC-20 sats as gas fees.
SATS: Affected by Bitcoin, it fell sharply yesterday. The neckline support of 0.0...35 that was previously broken through has returned, suggesting that the breakthrough failed. If you have a position, you can exit and wait and see, and then buy when it reaches 0.0...282.
Rune No. 9 LOBO•THE•WOLF•PUP is about to launch their own series of NFT inscription collection. The total amount is 10k, and the price and method are unknown. If you are into NFT, you can pay attention to it. In this bull market, NFT is still relatively stable compared to copycats.
