1. If Bitcoin stabilizes at 58,600, it has a chance to reach 60,000

The market rebounded last night, and the trend was roughly determined yesterday morning. The following is a screenshot of yesterday's article:

The following is the actual trend:

The entry price for long orders was 57,200 US dollars. Due to the rapid rise, I only entered with a small order. Then the price continued to rise without too many opportunities for pullbacks. Therefore, we could only sigh and feel helpless as we watched the price rise all the way. It was impossible to get a large position on the market, so we had to miss it.

When it reaches 57,500, there is an opportunity to go long on a pullback, and then enter the market again with a long order.

There are a few small sesame seeds after the big positive line at the 4-hour level. At present, they do not look optimistic. We have to wait for the confirmation of the fourth and fifth lines. Therefore, we have to wait until 8 o'clock in the evening to judge whether it will continue to rise or pull back. If it closes above the opening price of the big positive line, even above 58134, it will continue to rise. If it closes below, it will return to 57,000 US dollars.

If it continues to rise, where will the next pressure be? Many analysts will most likely tell you that it will reach 59,000 US dollars, because this is the opening price of the big negative column. So it seems that there is still room for growth, so continue to go long.

In fact, there is a more important pressure in the middle, which is the pressure level at 58,600 US dollars. Because this is the oblique neckline that must be broken if the downward triple bottom is formed, and it is also a position that must stand above the first bottom entity, with a high degree of overlap. If this position is not passed, even if it goes up, the space is actually not large. Therefore, it is recommended that conservative friends can wait until it stabilizes at 58,600 US dollars.

If it stands firm, then from the daily level, it will most likely form at least the left shoulder of a head and shoulders top, so it will go to 61,000 US dollars. If it does not form a top but continues to move upward, there will be a better structure.

2. Bitcoin is still dominated by shorts at a large level, and there is limited room for upward movement

However, the bad news is that the macro-level signals are still dominated by bearish signals.

First of all, at the 4-hour level, as I said just now, the neckline of 58,600 has not been broken yet.

Secondly, at the daily level, it has fallen below the neckline of the M head and is struggling below the neckline. Even the better possibility is to close with a right shoulder. If there is a potential bottom structure at the 4-hour level, there is no potential bottom structure at the daily level.

Around 56,000 US dollars on the weekly level is the last defense. It has already been penetrated. If the entity falls below this neckline, it will be very pessimistic. If you ask me about my personal preference, in the face of all kinds of fundamentals that are about to be substantially bullish, I think the dealer will penetrate below 55,000 US dollars again, probably reaching around 50,000 US dollars, and bottom out for the second time. The weekly entity will close above 56,000 US dollars. Only then can it be said that the risk of a sharp drop is completely eliminated, and we will usher in an epic bull market.

3. Other information collection

1. $BTC ETF continues to maintain net outflows. In August, Ethereum CME futures trading volume hit a 9-month low, with $400 million liquidated on the chain, second only to the dark month of May 2021;

2. $SOL rebounded strongly, rising from 122 to 135, but SOL was not affected by the meme downturn, but the narrative still needs to find new growth points;

3. Trump-backed cryptocurrency project World Liberty Financial focuses on security and stablecoins. The project plans to

Cooperate to develop a platform in the DeFi field; affected by this, $AAVE soars;

4. $VISTA hit a new high despite the failure of various other platforms. Those who staked on the first day can unlock it at midnight on the 6th.

5. The Solana Ecosystem DePIN project launched an airdrop inspection page, with the first airdrop accounting for 10% of the total; congratulations to everyone for their success;

6. Eigen Foundation released the details of the second quarter Stakedrop, which will be available for collection on September 17 at the latest, and will be launched soon;

7.TON ecosystem game OUTA launched the pilot game UpOnly. OUTA plans to be officially launched in September.