Good evening, brothers!
In his letter to shareholders in 1992, Buffett wrote: "The secondary market is often influenced by the foolish behavior of the public; no matter how outrageous the price, it represents the price at which the holder of the stock wants to sell. At any time, there is always a small portion of shareholders who have the thought of buying or selling. In many cases, the price of a stock is merely half of its actual value, or even far below half."
Buffett's words straightforwardly express the beauty of the stock market: no matter how high the stock price is, there will always be "greater fools" entering at high levels; no matter how low the stock price is, there will always be "retail investors" cutting losses and fleeing. The peaks of bull markets and the troughs of bear markets are actually the results of trading. In 2020, some bought Kweichow Moutai above 2000 yuan, and in 2022, some sold Tencent Holdings below 300 Hong Kong dollars; it’s not hard to imagine how crazy the market can be.
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High-ranking officials in the U.S. government have publicly hinted that Federal Reserve Chairman Powell may consider resigning due to controversies surrounding the renovation of the Fed's headquarters.
On July 11, media reported that a senior official from the Trump administration stated on Friday that Powell is "considering resigning" due to the pressures surrounding the renovation project at the Fed's Washington headquarters. Another senior government official revealed that "high-level, credible sources" within the government believe Powell is weighing whether to leave.
Additionally, Bill Pulte, the head of Fannie Mae and Freddie Mac, also posted on social media platform X, stating that he heard Powell is wavering about completing his term, but he did not provide any evidence.
BTC: On the 4-hour level, the price continues to stay above the middle band of the Bollinger Bands, and the price trend remains healthy.
On the daily level, the price continues to stay above the moving average support, and the price trend is strong.
In summary, support level at 118000, resistance level at 118200.
ETH: On the 4-hour level, the price continues to stay above the middle band of the Bollinger Bands, and the price trend is strong, with support at 2970 and resistance at 2990.
LTC: The price continues to stay above the middle band of the Bollinger Bands, and the price trend remains healthy, with support at 92 and resistance at 95.
BCH: The price continues to oscillate near the middle band of the Bollinger Bands, with support at 510 and resistance at 530.
That's all for now, good night!
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