CryptoWorld Report:
Be neither too optimistic nor too pessimistic. The compensation for the Meantougou incident has not yet concluded, and forthcoming related news may trigger another wave of panic selling. Currently, it is not advisable to aggressively enter long positions in contracts. It will take 90 days for all exchanges to complete compensation, which is around mid-October. Against this backdrop, there may be minor rebounds, but a significant rebound seems unlikely, and BTC is unlikely to break through $60,000. Now is the time for patient holding; the market is expected to begin between August and September. Bottom-fishing now requires enduring a month of volatility; even so, caution is advised, and it’s advisable to prioritize fixed investments in $Sol, $Wif, $UNFi, $TON.
Bitcoin Bottoming Out:
This recent pullback was not substantial, yet the liquidated amounts were considerable, indicating large entities are going long. The intentions of the main players are clear: to swallow the big fish and let those liquidating at lower prices escape. Without liquidating the major players, the main forces will not drive the market up. Thus, this correction also presents an opportunity for those who have not yet entered. However, how many are bold enough to buy at the bottom?
Bitcoin formed a hammer candlestick yesterday with massive volume, indicating strong support below, especially around the miners’ shutdown price range—a critical lifeline. While a brief dip below is acceptable, prolonged oscillation at this level is improbable; if there’s oscillation, it will likely return to above $60,000.
From the market’s movement, a broad sideways channel with a slight downward slope has formed, which is not indicative of a downtrend. If yesterday’s daily candlestick closes as a medium to long bearish candlestick and the price falls below the slightly downward sloping parallel channel, further decline may continue, but yesterday’s candlestick closed favorably.
A hammer candlestick with massive volume appearing at support is a robust signal of a bottoming out market; subsequent movements may at most lead to an inertia-driven decline.
Inertia-driven declines are characterized by reduced volume and not breaking previous lows; Bitcoin’s bottoming out suggests other valuable proportions will quickly rebound. During a bull market, rapid declines and rises are typical, such trends often lead to contract liquidation.
Given Bitcoin’s large market cap and its current price position, the likelihood of a sharp rise is minimal; instead, oscillatory upward movement is more probable. However, the situation differs for other currencies, especially those with value and less historical increase; this could lead to sector rotation. Whether one can purchase such currencies depends on their industry knowledge and foresight.
TRX
TRON is a decentralized blockchain platform aimed at empowering digital content creators within its network. Its goal is to revolutionize the entertainment industry by granting creators direct ownership and enhanced rewards, eliminating intermediaries like YouTube and Facebook. TRON supports smart contracts and various blockchain systems for developing decentralized applications (dApps). The platform utilizes a transaction model similar to Bitcoin’s UTXO to achieve this, making it a robust alternative to Ethereum, allowing users to create, share, and monetize content on the decentralized internet with minimal transaction fees.
SEI
Sei Blockchain combines Ethereum’s advanced development tools with Solana’s outstanding performance capabilities. Sei achieves block finality in just 390 milliseconds, making it the fastest Layer 1 blockchain. Its primary focus is addressing speed, scalability, and reliability challenges typical of existing Layer 1 blockchains.
CFX
Conflux is a unique project aimed at enhancing decentralized applications (dApps), Web 3 infrastructure, and e-commerce. It strives to surpass other blockchains in scalability, decentralization, and security, facilitating rapid, efficient, and cost-effective asset transfers.