BTC finally failed to hold up and fell below 60,000 amidst the market panic
This morning, the market fell rapidly at 5 and 6 o'clock, which dealt another blow to the bulls. The long orders were constantly bursting, and the main force still wanted to clean the market many times!
The market did not develop as expected. Now it has entered a cyclical oscillation range. Let's wait for repair and adjustment!
Yesterday, Bitcoin opened at 62834, reached a high of 63212, a low of 58034, and closed at 59415, with an increase of -5.44% and a range of 8.24%.
Yesterday, ETH opened at 2680, traded at 2699, had a minimum and maximum of 2392, and closed at 2457, with an increase of -8.33% and a fluctuation of 11.45%.
Find a note:
Although the technical indicators have been bearish in the past two days, the two big declines only started after the U.S. stock market closed. So the Americans crashed the market themselves. Why did they choose to crash the market after the U.S. stock market closed? This smells like a conspiracy.
The final reasonable explanation is that the market was smashed maliciously to burst the long positions and get some people off the car. The car will be lighter and can run faster and more steadily.
Soon, the counterfeit spot goods can no longer support the situation and can only take advantage of the short term and leave!
ETH fluctuates frequently, and the altcoins also fluctuate greatly. Except for medium and long-term positions, others are mainly volatile!
Other altcoins also basically followed the market, especially the recent projects listed on Binance, such as $voxel $rare, which fell by about 20%.
Another one is the Ton ecological project, which has been performing badly in recent days.
$not $ton $redo both had significant pullbacks, but there are reports that Telegram founder Pavel Durov may be released soon. Some say it will be within 96 hours from Sunday. If Pavel Durov is really released, the entire ecosystem will definitely explode. However, on Polymarket, there is only a 35% probability that Pavel will be released in August.
Meme On-Chain meme Section
Although the popularity is not as high as before, it is still the main battlefield for crypto investors to compete with each other. Several memes that were popular in the last wave have also come out recently, such as $fwog, which has increased by 7 times in the past three days, and the average daily transaction volume on the chain exceeds 10m. Looking at this trend, it seems that the market has been cleaned up and it is ready to rush to the big exchanges. The current fdv is 72m. If there is no news from the big exchanges later, the market value is quite large.
What should we do in the next market situation?
Bitcoin plunged this morning. There were rumors that 30,000 bitcoins were transferred to Binance yesterday. The most recent transfer took place around 17:30 yesterday afternoon. If the panic started yesterday, later analysis suggested that it was an internal transfer within Binance.
As the market has not yet fully stabilized, there are still many macro concerns. For example, the situation in the Middle East fluctuated again on Friday, Nvidia's earnings expectations tonight, and concerns about interest rate hikes in Japan.
I thought the 4-hour trend had reached the bottom, but today's sharp drop directly hit all the previous gains and returned to the volatile market.
Although it is difficult to predict in the short term, the overall market situation has changed significantly in the fourth quarter.
Someone asked me a few days ago how to trade and buy and sell. My method is very simple:
Mainstream assets are traded based on cycles, and short-term fluctuations have no effect on me. As for copycat assets, just click on them casually, based on the increase. For example, if it doubles, you will definitely have to lose money. Don’t be greedy with your strategy. If you stick to it, you will find it is very effective.
What we can do now is to control our positions, buy high-quality assets such as Bitcoin on dips, and then wait for prices to rise.
Create a high-quality circle
Spot mainly
I will share some content: as shown below:
The overall position is ≥ 5,000u. If you want to join, scan the QR code below!
This is the end of the article. I will do a more detailed analysis in the communication group. If you want to join my circle, please contact me directly through the WeChat below!
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