European Cup ends, attention returns
Risks in Germany and MTGOX are gradually cleared, and sentiment is returning
US rate cut is imminent, funds are abundant
ETH ETF is gradually advancing, with incremental funds
SOL ETF is also being launched, with incremental funds
Has Bitcoin reached its bottom? There have been various chain data analyses recently. What I want to say is that Bitcoin is at least in the bottoming stage now. It is still in the process of repeatedly verifying the bottom support, so it takes some time. At the 4-hour level, it can be understood as the bottom continuous support stage. Although there are currently 2 effective supports, it still needs to fluctuate and adjust repeatedly before the market can reach a consensus. In the past two days, the performance of sats rats in the Bitcoin ecosystem has been good, probably because sats has the expected bonus of unisat in September, which has led to the rise of some memes such as rats.
Today you can pay attention to the June CPI inflation data released at 8:30. If the inflation rate continues to decline, it will be conducive to the realization of the Federal Reserve’s expected interest rate cut in September.
➢Market analysis:
BTC
After entering yesterday's suppression range of 58891~59677, the BTC price rose and fell. First of all, both yesterday's high of 59476 and this morning's high of 58386 were suppressed by the downward daily MA10. In detail, it did not fall below the daily MA5. This is also the reason why Lao Chen said yesterday that the BTC daily oscillation structure has reached the middle stage.
Looking at the hourly line, the short-term support is still at 57400. This support level is mainly regarded as a defensive point. After rising once, there is limited room for rebound. It is mainly waiting for the reverse operation after leaving the segment (the reverse operation is to go short first when it rises first and go long first when it falls first).
The support range is 55860 (short) ~ 55210, and the suppression range is 59677 ~ 60376.
ETH
The activity of ETH's market is relatively low, and the local oscillation range is 3044~3139. The fluctuation range of less than 100 dollars is not operable. The main thing is to wait for a comeback after leaving the segment!
The support range for the departure section is 2974~2933, and the pressure range is 3256~3204. Whichever point is reached first will be the first point to be traded.
➢ Lao Chen’s personal observation list:
Coins that are optimistic in the long term and have a high probability of doubling in value: FET and ORDI.
Coins suitable for long-term bands: People, PEPE, WIF, TRB
Even a fool knows that the coins that are asset-heavy but speculative are suitable for large funds: BTC, ETH, BNB, SOL
Coins that often have independent trends and depend on ETH: ENS, SSV
A lot of old investors have cut their faith in VC coins that are not recommended for long-term holding: OP and ARB.
Let me focus on: PEOPLE
Although the creation of the PEOPLE token was closely linked to the plan to bid for a copy of the U.S. Constitution, the failure of this plan did not affect the position of the PEOPLE token in the market. The PEOPLE token, which is currently trading at a stable price, continues to attract investors' attention. With the popularization of the concept of decentralized autonomous organizations and the increase in community-driven projects, the value of the PEOPLE token is expected to be further enhanced.
There has been a recent decline due to market influences, but in terms of the overall market and inventory, the decline is not too large and is still within the controllable range. The only problem is that the market is not very positive at the moment.
In addition, people's shares are estimated to have been almost cleared, and there will be a small rebound in a short time. Unlike other meme coins, people has no floor price and is closely related to ETH. It is indeed easy to pull up the market with a small market value. The recent wave of people can easily reach more than 10 points. People belongs to the US election sector and can continue to be hyped until the end of the US election in November. The current market value is 400 million, and the price-performance ratio is very good.
Lao Chen wishes everyone to become rich soon!
If you still have any questions and want to ask me, please add my V:mcty577 for communication!
