When I woke up today, the familiar scene played out again: pin insertion, liquidation, blood flowing like a river. Yesterday, I actually warned about the key level around 117 for BTC, and said it would drop further - the crypto world never fails to "disappoint".
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BTC: False breakdown to trap shorts, structure still bullish
#BTC dropped to the lowest point of 1147000, perfectly filling the CME gap, inserted and then pulled back up, with a cleaner movement than last time, considered a "healthy pin insertion". The short-term structure is still a Bull Flag adjustment pattern, a typical bullish continuation signal. As long as the subsequent rebound is not weak and oscillating, this pullback may be a new starting point. Overall, I still expect to hit 120,000.
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ETH: Rebounding after five consecutive red candles, support is clear
#ETH pulled back to near MA120, with 3600 support already taking effect. The candlestick has a long lower wick, indicating that buy the dips funds are entering the market. Short-term rebound targets 3800 resistance. The technical structure hasn't been damaged, with limited pullback space. This bottom bounce is worth participating in, don't be scared away by red candles.
So how to deal with Altcoins this time?
Altcoins have been slow to follow up but quick to fall recently. Today's decline was still moderate, within 3-5%, but overall liquidity is poor, and the market can easily change when volume is low. As always, it's not about being afraid to earn, but afraid of being greedy and not exiting, waiting for a big correction with no chance to get out. This wave might be brewing a big market move, don't FOMO, patience is key. On 7.28, I said Ethereum had topped and started consecutive drops, with some Altcoins nearly halved. Stay calm, don't be impulsive.
Let's look at some heavy Altcoins that 60-70% of people hold, even in large positions, and that new entrants typically pay attention to!
#Doge: Reached key support at 0.198, Fibonacci 0.5-0.618 retracement zone, with left-side structure advantage, can open long positions in batches. Resistance at 0.214 and 0.2215.
#SOL: 2-hour Double Bottom structure, can build positions in batches near 169 support, exploring the second bottom in the 8-wave structure, with resistance around 175 and 183.
These are both good left-side opportunities for buying the dips, not chasing highs. PEPE: Trapped at high positions, why haven't I sold! I started positioning in #PEPE in March-April, the third wave incomplete, stopped at 1475, didn't even touch the first wave high of 1632. Fortunately, position sizing was controlled.
From the trend, PEPE has entered the fourth wave consolidation period, with a daily triangle convergence forming, potentially extending to October 20th. Don't rush, this structure is worth waiting for.
Next strategy:
- Short-term: Rebound failure, channel breakdown, short-term bearish, support at 1100. Best buy the dips position at 970-1000, if it rises back to 1400, reduce position.
- Medium-term: Fourth wave consolidation will end after August 20th, then focus on 830 support (previous second wave low point), that's an All In point if it truly pulls back.
- Long-term: I still remain bullish on PEPE, with fundamentals and global consensus in place, continue positioning below 1000, with realistic 2x potential.
A word for those still hesitating: How long can PEPE trap you? Can you still hold by the end of August? Dare to hold and add, that's the correct operation at this stage.
Summary: Mainstream structure hasn't been damaged, pin insertion is actually an opportunity. Altcoins are short-term pressured but structure unbroken, PEPE and other MEME coins are in a consolidation and absorption period. When it's time to buy the dips, don't just chase highs!
That's it for the article! If you're lost in the crypto world, consider joining me in layout and harvesting from market makers! Follow the public account: Crypto Meow y
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