Yesterday's market movement was quite similar to the replay of July 15th: BTC at the 115000 position was hit twice but didn't truly break through, followed by a rebound. This trend has actually confirmed 115000 as an important support level for the current stage, with a low probability of further decline.
$ETH continued to resist the fall, first retracing with BTC to 3570 before quickly rebounding, and last night's retracement only touched around 3600, showing strong resilience. Currently, it's again approaching the 3750 resistance, just a step away from the critical 3800 level. Breaking 3800 could lead to new highs. Short-term retracements below 3650 are still acceptable.
As for $SOL, it rebounded from around 175 to 187 yesterday, with a weak but still healthy trend. The key resistance is 193, which may still see a pullback. As long as 170 isn't broken, the overall structure remains intact, and entries below 180 can be considered.
The direct cause of this retracement was a 14-year-old ancient whale selling again. This time, OTC giant Digital sold 80,000 bitcoins during a livestream, worth $9 billion. The price of BTC didn't continue to fall, suggesting BTC has matured.
Simultaneously, another 14.5-year-old miner address started transferring, totaling 3,962 BTC, with an initial cost of only $0.32 and a return of 370,000 times. These coins are moving to the market, indicating a transition from low-cost whales to institutional hands. While causing short-term selling pressure, this is positive in the long run!
Now, let's focus on the Altcoin situation this week:
Altcoins with notable mentions:
#ASP: Completely collapsed after listing, priced at 0.7 but opened below 0.2, with no sustained rebound.
#VINE: Elon Musk suddenly announced restarting Vine with AI, causing a 3x surge. Such "product-first" projects could have potential if successfully implemented.
#PUMP: Already collapsed, halved from IDO price, with nearly 3x drop from high points. The young team seems only interested in cashing out.
Korean new coins: #HUMA/#SYRUP. HUMA surged then started selling; SYRUP still high but risks imminent.
Several small coins in the BN observation list performed explosively: $MDT up 3x; $IDEX doubled; $SLF up over 50%. Currently suitable for short-term, high-risk traders, but remember most will ultimately go to zero.
Today's recommendation is to watch #CHR, which has three key technical structures:
- Completed descending wedge consolidation
- Potential AB=CD oversold rebound
- Price below 1U, similar to $OM's potential trajectory
Suggested entry, stop at 0.0857, target 0.89, potentially breaking out by Q4.
Summary: ETH's trading volume exceeds BTC's, Altcoin season is coming. CZ says Altcoin season is approaching. Recommended gradual allocation to mainstream #SOL, #BNB, #ADA, #AAVE, #LTC. Big moves expected next month.
That's all! If you're lost in crypto, consider joining our community for market analysis and Altcoin operations.
