CoinWorld reports:
Yesterday’s Review
Bitcoin fell below the 57,000 level in the evening and dropped to around 56,500 before facing resistance and rebounding. The rebound reached 57,200 but was met with pressure and fell back, with the lowest retracement in the morning around 56,000. Xiaomei summarized in the group last night and accurately pointed out that the bottom support level is important, and once it is broken, the bears will dominate. The overall strategy is not much different from our team’s. Success comes from following the trend, and a new week brings new opportunities for layout. Last week’s performance was good, and we aim to achieve better results this week.
Market Analysis for Today:
BTC:
Bitcoin is currently at 54,882. After a rebound two days ago, it failed to hold up, indicating continued selling pressure in the market. Regarding the recent hot topic of mining machine shutdown prices at 55,000, Xiaomei believes that it is a form of manipulation. This price represents the shutdown price for some low-efficiency mining machines, while the real shutdown price for high-efficiency machines is around 35,000. Therefore, Xiaomei believes that the shutdown price of 55,000 mentioned in the article is a manipulation by institutions or large holders. Currently, a head and shoulders pattern has formed, and the key support levels for Bitcoin in the future are 48,000 and 40,000.
Short-term resistance for Bitcoin: 56,900
Short-term support for Bitcoin: 53,400
(BTC candlestick chart)
ETH:
Ethereum is currently at 2,885. The 2,800 level is an important support level for Ethereum in the past three months. Although it is still above 2,800 for now, the longer it stays at this level, the more disadvantageous it is for Ethereum, as it gradually weakens the strong support. Therefore, if there is no strong rebound, breaking below 2,800 is only a matter of time.
Short-term resistance for Ethereum: 2,950
Short-term support for Ethereum: 2,820
(ETH candlestick chart)
Next, Xiaomei will mention a few altcoins that can be considered for investment in the near future, for reference only!
TON
Since October 2023, this token has been a “monster” that has brought huge profits to investors. Even though most altcoins are not comparable to Bitcoin, TON has outperformed Bitcoin. TON reached a historical high of $8.25 in June, only a 8.9% drop from its all-time high.
This project has demonstrated resilience compared to Bitcoin and may become one of the first tokens to recover and reach a new all-time high in the coming days.
NOT
To be honest, Xiaomei initially overlooked this project and thought it was just a token created for speculation to attract investors. However, I was wrong.
In fact, NOT has become one of the top 100 tokens on CoinMarketCap and has recently been listed on Bybit and Binance. Currently, NOT has a large trading volume on these two platforms.
Just like most projects in the market, NOT has recently experienced a decline, providing a better entry point. So, if you consider its strong community and current market value, you can add it to your investment portfolio.
Finally, Xiaomei would like to share some important news for today:
1. After a brief rebound, Bitcoin is falling again, and the short-term trend is still bearish. Xiaomei predicts that the bears have not yet finished releasing their momentum, and there is still a risk of further decline in the short term.
2. Ethereum also shows significant weakness and is about to hit a new low in the near future. The trend is expected to change only after the ETF is launched.
3. 11,023 Ethereum has been transferred from an unknown wallet to Coinbase, adding potential selling pressure to the market.
4. Next week, there will be large unlockings of tokens such as XAI, IMX, and APT. VC coins are constantly unlocking, sucking up market liquidity, and can be considered a tumor in this bull market.
5. Unisat: Most of the development work for L1 swap has been completed, and Fractal swap is scheduled to go live in September.
6. Former President Trump may return to the White House, which will cause a significant surge in the value of Bitcoin.