The closing price of Bitcoin on the 3rd line once again exceeded $60,000, indicating that the market is recovering. I have always believed that the fluctuation of Bitcoin below $60,000 will not last too long, because the cost price of miners is between $50,000 and $55,000. A short-term drop below this range is acceptable, but a long-term drop below this range will threaten the miners' income.
The current market gives people the feeling that the rebound is just a preparation for a bigger decline. Many traders have also adopted short-term operations, watching the market every day and frequently leaving the market for a few points of profit. From the previous trends, although each rebound will slightly break the previous low, the decline is very small, which shows that the short-selling force is not strong and the real downward trend has not formed. This superficial pattern may be a trap created by the main force.
Since the sharp drop on August 5, the decline from August 24 to September 5 has not broken the previous low, showing that the bulls are gaining strength, and the narrowing volatility is a prelude to a market change. The overall market data in September is favorable to the cryptocurrency market, and the trend reflects this.
Judging from the 3-day line, once it breaks through $65,000, the shock pattern will change, and the current trend shows that this breakthrough is about to happen. There is no need to worry too much about the downward trend in the short term.
Many people are predicting that the market will fall after the Fed cuts interest rates, but I have a different view. The market's expectations for a fall are too consistent, which makes me think that the market may not fall as expected. If the Fed really cuts interest rates by 25 basis points, it will basically be in line with expectations, and the market will be full of confidence in the future.
Think about it, how many times did the market actually fall when it was expected to fall?
The market often creates illusions to induce retail investors to sell at low prices and chase high prices. In fact, as long as you do the opposite in the spot market, you can often make money. The current market liquidity is poor and confidence is insufficient, but this is actually a good buying opportunity. When confidence recovers, the price is often already up. I believe that the bull market will not be too far away. The market will usher in a turnaround by October at the latest, and there will not be too many opportunities for everyone to get on board.
Led by Bitcoin, there are also several altcoins in the market that show strong upside potential. Here are a few cryptocurrencies worth paying attention to:
SUN
$SOL faces two major headwinds that the market is concerned about. Here is what it thinks of Sol:
Positive news for the Developer Conference: The annual Developer Conference will be held on September 20, which may bring about hype opportunities and positive expectations.
Staking relieves selling pressure: FTX/Alameda relieved the stake, and a whale has sold 177,603 SOLs. There are still 7.05 million unsold SOLs in its wallet, which may increase selling pressure and form a major negative.
Platform ban risk: The SOL on-chain platform PUMPFUN may be banned from US users due to being sued by the SEC. Many projects on the platform rely on it, which is also a major negative.
Overall, SOL currently faces two negatives and one positive. The current pattern is not good and lacks independent market conditions. The recommended buying range is 132.72 to 128.21, position 5.5, target price 139, stop loss 126.47, and leverage control below 5 times.
PEOPLE
Since May, $PEOPLE community activity has increased significantly and transaction volume has increased, showing the potential for higher prices in the future. The price currently hits the 30-minute 120-day moving average and rebounds, indicating that short-term support has formed. The 50-day moving average has also crossed above the 120-day moving average, which is bullish in the short term. The support level below is 0.0525, you can place an order to prevent missing it, and the resistance level is 0.0715.
Trading suggestion: Buy 50% at current price, buy another 50% at 0.0525, stop loss when it falls below 0.049, and the target price is around 0.07.
DOGS
The 4-hour chart shows a potential bottom pattern, with the current price at $0.00112. If the price can successfully break through the neckline pressure, it may trigger a strong upward trend. It is recommended to pay close attention to the breakthrough of the neckline position, and further rise is expected after the breakthrough.
API3
JASMY
Jasmy Coin is positioned as a pioneer in the data industry, ahead of other projects. The future development of#datais closely related to privacy, security and user control, and $Jasmy Coin is not only participating in it, but also leading the industry's transformation through innovative solutions.
As the world moves towards a data-driven era, projects like Jasmy will redefine how we interact with data, making it no longer just a commodity but the core of digital rights.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
