Last night, Nvidia's financial report, which attracted global attention, was released. Nvidia's sales and profits exceeded expectations. After the release, the stock price fell by 5%. Good news is bad news. The crypto fell along with the US stock market.
Every time you see a needle in the quotations, there is an unlucky guy behind who is being sniped!
Good news does not necessarily mean an increase in price, and bad news does not necessarily mean a decrease in price. The crypto world is like a dark forest. Accidents and surprises can happen at any time, so there is no need to pay too much attention to short-term plunges. The long-term trend has not changed. Bitcoin has already entered the mainstream. Perhaps as humans transform from carbon-based to silicon-based in the future, Bitcoin will become the world's only store of value!
The market is in a period of shock and repair, and it still takes time to adjust.
Reviewing yesterday's BTC, after falling below 58,000 in the morning, the price rebounded to 60,000 and was attacked by short sellers. It can be said that the bears hit it as soon as it showed its head. In the evening, it broke through the 58,000 mark again. The bulls resisted stubbornly, counterattacked quickly, and then pulled it up to around 60,000 and were severely beaten by the air force. It can be seen that 58,000 is a must-fight place for the bulls, and 60,000 is where the air force is heavily deployed.
The current market is around 59,000. Back to today's market analysis:
The Bitcoin market has re-entered the bottom support testing stage. Although it received support near 58,000 yesterday, the support was very small and almost negligible.
From August 9th to now, Bitcoin has been fluctuating widely at the 4-hour level and is currently hovering at the lower edge of the fluctuation.
From the K-line, the 1-hour level is sideways, the 4-hour, 12-hour, and daily levels are in a downward trend, with an intraday pressure level of 62,000 and a support level of 56,000.
We will continue to see volatile market conditions during the day. As the end of the month approaches, we need to close the weekly and monthly lines. There should not be too much fluctuation in the market in these two days. Whether it is spot or contract, there is relatively little room for operation!
After such a drop, the time for BTC to reach 70,000 will be delayed, and the trend to 70,000 will be bumpy. The market will continue to wash and fluctuate, flattening long positions.
In terms of cottage
This wave of decline is not small, but compared with the previous ones, most of the altcoins in this wave have not fallen too much, which means that the market makers and dealers of each altcoin did not understand why the market plummeted, so they just followed the decline!
However, ETH is facing too much FUD. Vitalik's love affair has basically aroused public anger. Before, people just asked him to shout more shill and talk less about philosophy. Now they directly question him for not touching DEFI. Vitalik even posted his github link to show his coding ability and revealed that he only has an annual salary of $136,500.
Some people compare Vitalik and Musk, saying that Musk spent 6 years and $100 million to build the Falcon 1 rocket, while Vitalik spent 10 years and $1 billion to build nothing. In short, ETH is weak now, and Vitalik breathing is wrong. I am now worried that Vitalik will quit the Internet after being cyberbullied. Although it is indeed not good for the price of the currency that the foundation is selling coins to maintain the team, we should thank them for Ethereum's ability to sit firmly on the throne of the king of public chains for ten years.
Vitalik is of great significance to ETH. The latest EIP-7702 was written by Vitalik in 22 minutes. I think it is Vitalik who can lead ETH out of the quagmire. Just don’t make a big deal out of it.
It is normal to lose money when the market is not good, and bankruptcy and debt are not that scary. Many great people in the crypto have started from scratch many times!
The most terrible thing is that you go bankrupt and fail without accumulating any experience or increasing any knowledge, and you blame the market and others.
The most terrible thing is that you lack the courage to fight again! The best thing about the crypto is that it is always full of opportunities, provided you are attentive.
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