The rhythm of each week is stable on weekends, active during the US market hours on Monday, focus on price fluctuations on Wednesday and Thursday, and withdrawal of orders on Friday. This pattern has been established. A summary of small market cap coins was provided a few days ago, recently Binance has been artificially boosting small coins. Don't be confined by the big picture, don't be confined by the big picture.
BTC has returned to oscillating in the range of 25,300 to 26,100, with a 500-point spike up and down in the early morning, reaching a high near 26,000 and a low of 25,500. Since BTC's self-touch on March 18, the ETF application has provided support for the market in the range of 26,000 to 30,000. Since then, trading volume has sharply declined. Whether for long-term or short-term traders, there is no desire to enter or exit the market without a narrative and substantial positive or negative news.
31800-dollar Bitcoin is not unacknowledged, it's the market that lacks funds. 69000-dollar Bitcoin is not a lack of funds in the market, it's that there are too many sellers. The current price of BTC at 25,000 dollars is because the current liquidity can only support it at 25,000 dollars. Without trading, there is no real price! In a free market, it's the law of supply and demand that determines everything, no need for explanation. Human nature is to sell when it falls and buy when it rises! Emotions and trading volume are the turning points!
It's Monday, and Bitcoin will face a turning point this week.
This Wednesday, on the 13th, the US will release CPI data for August. Although Bitcoin is currently no longer following the trend of US stocks, the impact of the fundamentals will still affect the market.
Bitcoin's strong support is still near 25,000, why is that?
Since Bitcoin fell below 25,000 in June last year until it broke through 25,000 again in March this year, there has been a long consolidation period of 10 months. In addition, there have been two pullbacks near 25,000 on the weekly chart. So it is judged that 25,000 is the dividing line between long and short on the weekly chart.
The turning point this week is crucial. If 25,000 is not broken this time, it will be difficult to break through this level again this year (unless a black swan event occurs). If it breaks, Bitcoin will test the bottom again.
Although the decline in Bitcoin and Ethereum is not significant, it can still be seen as a corrective rise.
But the decline in small coins is huge. Some have already deviated from the overall market and have initiated oversold rebounds.
The interconnection effect in the cryptocurrency market is significant. Once Bitcoin makes a false breakdown and small coins do not follow suit after being oversold, it is clear that the main force is digging a gold mine for the purpose of shaking out weak hands.
The bear market that started in December 2021 has officially ended in January this year. It is currently in the accumulation area. The oscillation in the long term will provide many opportunities, but it will also lead to more indecisive exits.
The darker the market, the more it proves that dawn is approaching. It's always darkest before the dawn.
Is there a possibility for Pepe to become a hundredfold coin?
The last time I saw someone ask this question, I gave a direct answer: Impossible.
It has already been listed on the three major exchanges, and the marketing has reached its peak. It's just a pure meme project, its lifespan is one cycle, it rode a wave of internet popular memes, and then rode a wave of trending market, and then hyped up a wave.
After several rounds of sharp declines, the project's market value is still at 300 million US dollars, with huge risks.
Even if it can still rise in the short term, it is only for the convenience of the manipulators to continue to unload. The probability of breaking through the previous high is very small, and it's more profitable to start a new meme for speculation.
Cancun Upgrade
CFX, ACH, and KEY are listed as the three leading projects in the Hong Kong concept. The upcoming Cancun upgrade is worth investing in for 5 opportunities.
1: L2 leader--Arb, Op
2: Leading applications--GMX, RDNT, Magic, Velo, Snx. GMX, RDNT, Magic are in the Arb category, Velo, Snx are in the Op category, and they have received support from the corresponding L2, and the L2 outbreak will also drive their growth.
3: L2 alternative--Polygon, Polygon is a sidechain with its own independent consensus.
4: zkRollup application projects--LRC, IMX. Currently, no general zkRollup has issued coins, LRC, IMX are sectors that are relatively easy to speculate on in the ZK L2 category.
5: Optimism fork--Boba, Metis
In the cryptocurrency industry, if you want to seize the opportunity of the next bull market, you need to have a high-quality circle, where everyone can huddle together and maintain insight. If you are alone and at a loss, you will find that there is no one else, it is actually very difficult to persist in this industry.
If you want to huddle together or have doubts, you are welcome to join us—WeChat public account: Crypto Wufan
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