Cryptocurrency News

August 1st Hotspots:

1. Tether Report: As the allocation of precious metals decreases, Bitcoin reserves have increased by $170 million.
2. US Federal Judge Allows Terraform Labs to Issue Subpoena to FTX for Shorting Terra/Luna.
3. Data: Founder of Curve Faces Liquidation Risk with $168 million loan position.
4. MakerDAO Co-founder: Curve vulnerability may be the last collapse before the bull market.
5. Ethereum worth over $68 million bridged to the Base network in the past 48 hours.

Trading Insights

Discipline and Mentality in Trading

What is discipline, buying and selling stop-loss, what is mentality: the degree of execution is the only measure.

First, discipline. Discipline needs to have standards, such as buying and selling stop-loss when a certain moving average is broken, and the standards need to be clear so that execution will not be blind. People often say that knowing is easy but doing is difficult, but I think this is a wrong concept. In fact, if you truly know, how can doing be difficult? If it is "not knowing," there is no question of doing. What is "knowing"? It is a strict judgment of the direction and path, a deep understanding of principles, and absolute uniformity in execution standards. Otherwise, it is not knowing. Half-baked knowledge is worse than ignorance. Therefore, it is necessary to clarify these issues before taking action, and then it is the process of execution.

Specifically, it can be divided into buying discipline, selling discipline, profit-taking and stop-loss discipline, and each discipline needs to be quantified with standards. Otherwise, it will be vague, leading to contradictions and hesitations during execution. The establishment of standards is a customization based on one's own characteristics and a summary of one's own learning and experience. It is best not to imitate others, as blindly following others will lead to misunderstandings and misinterpretations.

Next, mentality. This is a term that is more difficult to define. What is mentality? It is actually an excuse for people to not find suitable reasons for their mistakes. Once the system is perfected, standards are established, and discipline is clear, the only errors in execution are human-made, and there will be no fundamental mistakes. If there is indeed room for mentality, it is only based on immature execution on an imperfect system, or it is based on behavior that violates principles, or it is a lament for details that the system cannot contain. In fact, all of these are useless. First, the establishment of the system is not an easy process and requires years of polishing, energy, and accumulation of time and money. Second, execution is a laborious process, and there will always be some unexpected events in life that make your operations less than perfect. If the solution cannot be refined, it can be rough, as long as it conforms to logical principles. Third, you have to accept a concept: only make money within the scope of your talent and ability. Essentially, the money you make is the money others lose. If you go beyond your share, you will make up for it in other areas, and then you will be more at ease.

Search for the public account: Big White Coin Discussion

BTC

Analysis

Bitcoin touched near 29500 resistance again last night and fell back under pressure. Although there was a rebound, the strength was not significant. The bears accelerated the decline to the 28730 support level. Congratulations to friends who followed yesterday's strategy and profited 700 points from short positions. Currently, the price is running near 28850. The four-hour chart shows a large bearish fall below the range oscillation, with the MACD bearish and the MA trend downward. Overall, the bears are dominant, and in the short term, attention should be paid to whether it can close above the MA360. The daily chart shows three consecutive bearish candles, indicating a strengthening of the bearish trend. The overall rebound is weak, and there is still a possibility of further decline. The strategy suggests focusing on shorting at high rebounds and buying at low levels, with resistance at 29000-29500 and support at 28500-28300.

ETH

Analysis

Ethereum reached a high of 1877 yesterday but was resisted and fell back. The bears accelerated the decline in the morning, reaching a low of 1813 and rebounding from the support. Congratulations to friends who followed yesterday's strategy and profited 60 points from short positions. Currently, the price is running near 1826. The four-hour chart shows multiple attempts to break through the 1880 resistance area, but the subsequent rebounds gradually decreased. The bearish trend is strong, with the MACD bearish and the MA trend downward. Although there is a short-term rebound, the overall trend leans towards the bears. If the daily candle can close below the Fibonacci 50% and fail to rebound, there is a possibility of continued decline. The strategy suggests focusing on shorting at high rebounds and buying at low levels, with resistance at 1830-1850 and support at 1800-1788.

Disclaimer: The above content is for personal reference only and does not constitute specific operational advice, nor does it bear legal responsibility. Market conditions change rapidly, and the article has a certain lag. If there is anything you don't understand, feel free to ask for advice.

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