Morning Analysis on September 4th
The weekend is always short, but the trading days never stop. As a new week of trading begins, let's first review the market of last week. Last week, the highest price of Bitcoin was 28142.35 and the lowest was 25333.75, with an overall fluctuation of over 2800 points. Ethereum had a fluctuation range of nearly 150 points, with the highest at 1747.15 and the lowest at 1601.22.
The fluctuation range was relatively large, and we accurately grasped the market last week, achieving quite good profits.
For BTC, it oscillated between 2.56 and 2.61 yesterday, providing several short-term opportunities, while the remaining time was mostly in a state of stagnation.
The weekly chart for BTC did not show an upward trend, so we maintain the viewpoint from yesterday. The key test levels for this week are 2.48 on the downside and 2.75 on the upside.
At the beginning of the end of the bear market and the start of the bull market, the market will definitely be turbulent. Those who are not firm will be shaken out, as we saw with the sharp drop on Friday. With a slight decline, the overall Bitcoin market began to plummet, returning to the starting point. This mainly targeted users of futures contracts.
As we have mentioned before, this kind of market, which uses short-term positive news to stimulate, will not last and will not change the market's original trend. So now, after returning to the original position, we expect continued oscillation and adjustment. The main focus in September will still be on adjustment, and then gradually accumulating strength. After October, the market will gradually gain momentum, leading to a significant upward trend.
Market News
On a macro level, a few months ago, the US just resolved the debt crisis and will not face a second debt crisis. However, as the US Congress has not yet approved any of the 12 annual spending bills that usually provide funds for the government, the Biden administration may face a shutdown in a month. We should all remember the market situation during the debt default crisis a few months ago. The two sides may start to clash again, and hopefully this time they won't create chaos in the market.
Returning to the cryptocurrency market, we won't say much about the mainstream market as it basically follows the macro trend. The altcoin market is currently overall lackluster, except for a few recent positive developments, such as Binance's launch of orderly minting services, which led to a surge in ORDI.
CYBER surged due to support from DWF and the Korean market, and MakerDAO's founder continued to buy in the secondary market, resulting in a buyback of the treasury, causing MKR to rise. In addition, Bithumb opened trading pairs for JOE and the Korean won, leading to a surge in JOE. Apart from these few projects, other altcoins are in a pitiful state.
Today's Bitcoin Futures Liquidation Chart
It can be seen that the range from 25600 to 26300 is basically where retail and large funds are positioned. With increased liquidity on Monday, there will definitely be a reversal trend today. The opportunity lies in seizing it yourself! Successful trading requires anticipation and a grasp of the overall trend! For those who are not satisfied with their own operations, you can follow along here.
Secondary Altcoin Picks
After the AI sector took off, the next recommended sector is the gaming sector. AGLD has entered the list of gainers, leading almost every time!
Here are a few gaming tokens recommended for a period of 1-7 days, with minimal movement to ensure capital preservation.
GALA around 16 is a good position to wait and see. It often rotates in sync with AGLD. The chart doesn't look good, but the least promising token in the AI sector, NMR, has tripled directly, so it's worth looking forward to! Just pay attention to stop-loss, and don't get trapped.
Let's start with one recommendation. Patience is key in the altcoin market, waiting for opportunities is common, and once it's on the list, you should not hesitate to chase it.
In the cryptocurrency industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle, where everyone can huddle together for warmth and maintain insight. It's very difficult to persist in this industry if you are alone and clueless.
If you want to huddle together for warmth or have any doubts, feel free to join us - Official Account: Crypto Wufan
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