Coin World News Report:
Yesterday’s Review
Bitcoin fell below the 57000 level in the evening and dropped to the 56500 level, but was resisted and rebounded. The rebound reached 57200 but faced pressure and fell back, with the lowest retreat in the morning reaching the 56000 level. Xiaomei pointed out in her summary last night that the bottom support level is important, and once it is broken, the bears will dominate. The overall strategy is not much different from our analysis. Following the trend is the key to success, and a new week has begun with new arrangements. Last week’s performance was good, and we aim for even better results this week.
Today’s Market Analysis:
BTC:
Bitcoin is currently at 54882. After the rebound the day before yesterday, it did not hold up, indicating continued selling pressure in the market. Regarding the hot topic of recent articles about mining machine shutdown prices at 55000, Xiaomei believes that it is a manipulation. This price is the shutdown price for some inefficient mining machines, while the actual shutdown price for efficient machines is around 35000. Therefore, Xiaomei believes that the 55000 shutdown price mentioned in the article is a manipulation article by institutions or large holders.
Currently, a head and shoulders pattern is forming, and the key support levels for Bitcoin in the future are 48000 and 40000.
Short-term resistance for Bitcoin: 56900
Short-term support for Bitcoin: 53400
[Image]
(BTC candlestick chart)
ETH:
Ethereum is currently at 2885. The 2800 level is an important support level for Ethereum in the past three months. Although it is still above 2800 for now, the longer it stays at this level, the more unfavorable it is for Ethereum. It will gradually weaken the strength of strong support, so if there is no strong rebound, breaking below 2800 is only a matter of time.
Short-term resistance for Ethereum: 2950
Short-term support for Ethereum: 2820
[Image]
(ETH candlestick chart)
Next, Xiaomei will share a few altcoins that can be considered for investment in the near future, for reference only!
TON
Since October 2023, this token has been a “monster” that has brought huge profits to investors. Even though most altcoins are struggling against Bitcoin, TON has outperformed Bitcoin. TON reached a historical high of $8.25 in June, only a 8.9% drop from the all-time high.
This project has shown resilience against Bitcoin and may become one of the first tokens to recover and reach new highs in the coming days.
[Image]
NOT
To be honest, Xiaomei initially overlooked this project and thought it was just a token created to attract investors. However, I was wrong.
In fact, NOT has become one of the top 100 tokens on CoinMarketCap and has recently been listed on Bybit and Binance. Currently, NOT has a high trading volume on these two platforms.
NOT has recently experienced a decline similar to most projects in the market, which provides a better entry point. So, if you consider the strong community and current market value and are willing to bet on this project, you can add it to your portfolio.
[Image]
Finally, Xiaomei wants to share some important news for today:
1. Bitcoin has fallen again after a rebound, and the short-term trend is still bearish. Xiaomei predicts that the bears have not yet finished releasing, and there is still a risk of further decline in the short term.
2. Ethereum is also showing significant weakness and is about to hit new lows in the near future. It is expected to change its weak trend only after the ETF is launched.
3. 11023 Ethereum coins have been transferred from an unknown wallet to Coinbase, increasing the potential selling pressure in the market.
4. Next week, there will be large-scale unlocking of tokens such as XAI, IMX, APT, and VC coins. Continuous unlocking of tokens is draining market liquidity and can be regarded as a cancer of this bull market.
5. Unisat: Most of the development work for L1 swap has been completed, and Fractal swap is planned to be launched in September.
6. Former President Trump may return to the White House, which will cause a significant surge in the value of Bitcoin.
