Brothers, this is incredible. A major positive news has emerged. If that man really does it, he will change the future trend of the bitcoin market and accelerate the bull market.
Just yesterday, former President Trump announced that he would "accept donations to the US presidential campaign in the form of cryptocurrencies" and vowed to eliminate people's "hostility" towards cryptocurrencies and provide a better regulatory environment for crypto companies and individuals.
At the same time, Trump did not forget to make a veiled comment on his competitor, saying, "Biden doesn't even know what cryptocurrency is. If you like cryptocurrency, you'd better vote for me."
I have to say that Trump's move was simply amazing. Biden must have been stunned. You should know that the number of certified users on Cionbase is 56 million.
According to the Gemini virtual currency market report data, 28% of the citizens of the United States held virtual currency in 2021. Now it is 2024. Three years have passed and the number of people in this group has only increased and not decreased. Trump has instantly brought at least 28% of the votes in the country to his account.
Tangren believes that if Trump really wins the election, it will be a huge boon to the entire crypto community. From this point of view, the results of this year's election will be a key indicator that will influence the entire market, and it is worth looking forward to.
Next, let's talk about the Federal Reserve's interest rate cut on a macro level. Since last Friday's unemployment rate was higher than expected and non-farm payrolls were lower than expected, the originally expected interest rate cut in November has been brought forward to September.
Many newbies don’t understand what the Fed’s interest rate cut has to do with the crypto community. Let me give you an example. At the beginning of this year, the market began to hype up the upcoming interest rate cut, and then the market soared.
Then in April, the market news said that the interest rate cut was delayed, and everyone has seen the market trend. In summary, the bull market is related to interest rate cuts. Interest rate cuts will stimulate the economy and increase liquidity. Only when funds are active will a bull market occur. Therefore, if an interest rate cut is initiated in September, the market will definitely soar.
Finally, regarding ETF data, yesterday only BITB had a premium inflow of 185 ETFs, totaling US$12 million, while other institutions had no inflows. Recently, market sentiment has been mainly wait-and-see, and the divergence between bulls and bears has gradually intensified. It will take some time before the final outcome is determined.
Market analysis:
In the last round of correction, the market fell to 60,000 points for five consecutive times but failed to fall below it, which shows that 60,000 points is a very strong support level.
The expected rebound today still did not appear. Instead, there was a continuous decline. The demand was weakening and gradually fell back into the trend line. Therefore, the overall trend is on the lower track of the downward channel.
The overall daily trend is still bearish, so before breaking through 67,200, the market is still in a volatile range and will not start a full upward momentum. If the support level of 60,000 points is not broken within a week, there will be opportunities to buy the bottom in batches around 60,000 points.
Auntie, linked to Bitcoin, has also seen a continuous decline and is currently at the lower edge of the trend channel. Since the Cancun upgrade greatly reduced the destruction costs, Auntie's inflation rate has increased. Therefore, it is necessary to observe whether Auntie will accelerate its decline. If not, a short-term rebound will form. However, Auntie still has the need to fall to test the previous low, and the important support level is at 2850.
As for the altcoins, the market is sluggish, and there is a serious wait-and-see sentiment among the funds in the market. There is no money-making effect, and the desire of the bookmakers to speculate has also decreased. Therefore, the altcoins at this stage are waiting for the market to recover, and the process of consolidation and pullback is an opportunity.
Operation strategy:
The strategy is being continuously followed up and executed. Yesterday, RUNE, which was in focus, rose 3.36%, CVX rose 3.6%, ACE fell 0.27%, LSK rose 0.97%, and MTL rose 3.2%. The overall trend showed that the targets of Tangren’s strategy performed well in such a sluggish market.
Next, if you want to know more about the strategic layout and coin selection logic, you can: follow Tangren, leave your ideas in the comment section, and let us make money together in the cryptocurrency circle.
The essence of Tangren’s trading strategy: The first step is to determine the trading cycle, the second step is to confirm the trading direction, and the third step is to formulate a trading plan. The plan must clearly state: where to enter, why to enter, how much to enter, how to exit, where to exit, and why to exit?
What should you do if you get the market right? What should you do if you get it wrong? If you don’t understand the market, don’t give yourself problems.
Each of my plans includes three predetermined results: exit with a stop loss, exit with a breakeven, and exit with a profit. Regardless of the result, I will review and summarize the gains of this plan after the plan is completed.
