Market Review
Yesterday, Bitcoin consolidated sideways and began to fall in the early morning. The decline exceeded expectations. Mentougou began to deal with creditors' BTC. Some creditors have received compensation, causing BTC to fall in a short period of time. At the same time, the short-term selling pressure after the approval of the ETF will also cause BTC to adjust in the short term. The market needs to be sorted out in a short period of time. There is a need for a correction in the short term. The general direction continues to be bullish. During the adjustment period, opportunities for oversold rebounds can be sought. Bitcoin and Bitcoin followed Bitcoin to consolidate synchronously and began to fall in the early morning. It is expected that this is related to the 120,000 ETH proposed by Grayscale. The decline exceeded expectations. Continue to prepare for short-term adjustments. The general direction continues to be bullish. There is no major problem overall. Today, continue to pay attention to Grayscale's holdings and wait for selling pressure. If the decline is large, seek opportunities for oversold rebounds. The copycat sector follows the mainstream and pulls back. SATS and PEOPLE can be hidden on dips.
Today's highlights:
BTC 1-hour and 4-hour levels are below healthy levels, and the daily level has returned to a healthy level. The macro environment has improved, and expectations for interest rate cuts have increased again. The subsequent general direction continues to be bullish. The recent negatives are being released. The double negatives of Mentougou + Grayscale selling pressure, callbacks are normal, and adjustments are expected to last 1-2 weeks. The upper resistance and lower support of the day are 62000-62700, and today is 65000-65500. It is expected to continue to callback. Be prepared for defense. If there are too many oversold, consider short-term oversold rebound opportunities.
ETH 1-hour and 4-hour levels are below healthy levels, and the daily level is below healthy levels. The macro impact has improved, and the expectation of interest rate cuts has increased again. The ETF has been approved, and the general direction continues to be bullish. Pay attention to the subsequent selling pressure after the ETF is approved. Pay attention to the changes in Grayscale holdings. The expected adjustment cycle is 1-2 weeks. The upper resistance during the day is 3250-3300, and the lower support during the day is 3020-3070. It is expected to continue to pull back today, and be prepared for defense. If there are too many oversold, consider short-term oversold rebound opportunities.
BTC was trading sideways yesterday and started to pull back in the early hours of today. The extent of the pullback was beyond expectations. Mentougou started to deal with it. Some creditors have received compensation in BTC, causing BTC to fall. At the same time, the short-term selling pressure of ETFs will also lead to a short-term pullback of BTC. There is no need to worry about the consolidation period. Pay attention to the recent BTC conference. It is expected that there will be positive news that can offset some of the negative sentiment. The pullback adjustment is within expectations. The overall problem is not big. The general direction is still bullish. Pay attention to the short-term oversold rebound opportunity. The mid-term bull market has officially started. The subsequent market will wait for the arrival of the main rising wave and then rise slowly.
ETH also began to adjust and consolidate. Grayscale raised 120,000 ETH last night. ETH began to fall in the early morning, and the decline exceeded expectations. Pay attention to Grayscale's holdings. ETH's short-term correction is within expectations. The expected consolidation period is 1-2 weeks. While making defensive preparations, you can look for oversold rebound opportunities. Wait and see today, and pay attention to Grayscale's subsequent selling pressure
The altcoin sector follows the mainstream and pulls back synchronously. Pay attention to SATS in the past two months. You can buy it in batches when it is low. There will be major positive news in September. PEOPLE can also be a key currency to watch. Build a collection when it is low and wait for good expectations before the November election. CKB can be considered for short-term collection. RGB++ has good news and has a chance to usher in a short-term rise. Wait for the ETH selling pressure and buy it at a low price. CKB seeks a short-term oversold rebound or waits for the RGB++ market to start in the medium term.
Fundamental news: recent major events need to be paid attention to, Trump's participation in the BTC conference on the 27th, and the Federal Reserve's interest rate meeting on the 31st. Primary market information:
RGB++ has started free casting, and the recent on-chain activity has increased. RGB++ is also a very good new protocol, which has a good effect on the construction of the BTC ecosystem. Continue to pay attention to this sector. Recently, the RGB++ sector has new benefits and new models are about to appear. You can increase your attention and don’t miss the early opportunity.
The rune market is still sluggish. Pay attention to high-quality currencies in the rune market and wait for the second wash to start buying.
Intraday mainstream market support and resistance
Today's intraday market, BTC's support is 62000-62800, and the upper resistance is 65000-65500. ETH's support is 3020-3070, and the upper resistance is 3260-3300.
3 Altcoins That Could Bring Crazy 100x Gains in a Bull Run!
1.ORDI
ORDI is a meme coin on the Bitcoin network and the first BRC-20 token created using the Ordinals protocol. Just as Bitcoin has a first-mover advantage, ORDI also benefits from being the first BRC-20 token on the Bitcoin network.
The project surged from around $4 in October 2023 to over $87 in March 2024, generating over 20x returns before the recent market pullback. Therefore, if you had invested $1,000 in ORDI in October 2023, you would have gained over $10,000 despite the pullback. Currently, ORDI is trading around 50% below its recent all-time highs. As a BRC-20 token, it has huge upside potential as long as Bitcoin dominates and meme coin sentiment remains bullish.
From a technical perspective, ORDI recently retested a critical support area around $28 and could start a new uptrend if Bitcoin resumes its uptrend. Therefore, consider adding ORDI to your portfolio if it fits your investment strategy.
2. THIS
After trading under a brief bearish sentiment and recording a 12.73% correction in the past 30 days, ENA price has regained momentum. In the past day, its portfolio has increased by 11.01% with a trading volume of $140.25 million and a change rate of +91.52%.
The Ethena cryptocurrency is currently trading at $0.487 with a circulating supply of 1,710,937,500 ENA and a total supply of 15 billion ENA tokens, ranking 84th with a market cap of $846.25 million. The Simple Moving Average (SMA) is about to record a bullish convergence on the 1D timeframe, indicating that buying pressure outweighs selling pressure on altcoins in the cryptocurrency space.
Moreover, the RSI indicator has managed to regain momentum and is showing a sharp rise towards the midpoint. This highlights a strong bullish outlook for the ENA token price in the coming period. If the market regains momentum, Ethena price will reach its resistance level of $0.60. Moreover, if the bulls continue to dominate the market, ENA price will be ready to test its upper resistance level of $0.825.
3.inj
The INJ cryptocurrency continues to trade in a closed range between $22.05 and $28.25 for about three months, indicating weak price action for altcoins in the cryptocurrency space. However, the price of Injective has risen by more than 18% in the past 30 days. Moreover, with a market cap of $2.252 billion, the price of INJ ranks 45th on the global cryptocurrency list.
Technical indicator MACD recorded a continuous decline in the green histogram on the 1D timeframe, indicating that buying pressure is greater than selling pressure in the cryptocurrency market. In addition, the moving averages show a high probability of a bearish convergence, indicating uncertainty about the future price movement of Injective price.
If the bulls push the Injective cryptocurrency above the $28.25 resistance, the altcoin will regain momentum and be ready to test its overhead resistance at $34.50 in the coming period.
