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Yesterday, there was a shocking scene globally: both Japan and South Korea experienced trading halts! Multiple cross-border ETFs hit the limit down, 330,000 people in the cryptocurrency market got liquidated, and over 1 billion US dollars vanished into thin air. The weakening US employment and economic data, coupled with the soaring Japanese yen and geopolitical tensions in the Middle East, have dampened global investors' confidence. On August 5th, global stock markets staged a thrilling and dramatic scene. It's definitely unfavorable information for the stock market with the interest rate hike and balance sheet reduction. Japan's debt ratio has exceeded 200%, and once an interest rate hike is chosen, problems with Japanese bonds are likely to follow. Even though the interest rate was only raised by 15 basis points this time, and the balance sheet expansion is still maintained, the market is still not buying it. The interest rate hike can slow down the depreciation of the Japanese yen, but it also constrains economic development. In addition, due to the latest US economic data falling short of expectations, investors are worried about an economic recession, triggering pervasive market panic.
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In this round of big dump, ETH flashed a flash crash in the market, once fell by more than 26% and broke through $2083 per coin; BTC also fell below $50,000 per coin, reaching a low of $48892.8 per coin, with a fall of more than 22%. Linked with the overall market, all AltCoins we have laid out, including SOL, BCH, ORDI, LTC, BNB, MKR, etc., have shown different degrees of decline, but market falls are often the best time for us to lie in ambush, cherish the opportunity at the bottom, and build a position in ambush in batches!
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BTC is currently approaching the short-term resistance area in the intraday trading. It rebounded to a high of 55596 in the evening, and the upward trend has been blocked on the hourly chart. The price has been under pressure around 55500, and the Bollinger Bands are gradually contracting. However, there has been no breakthrough in the resistance above, indicating a relatively weak trend. The Bollinger Bands are showing a downward trend, and with time, the resistance above is still moving lower. The subsequent resistance is at the 56000 level. If this area cannot be broken through intraday, there is still a possibility of a pullback in the market. BTC's recent rebound has led to a short-term consolidation of the trend, but the overall downward trend has not dissipated. Therefore, fren in the recent contract operation must control the Position well. For fren who cannot grasp it well, they can lighten their Position or wait and see.
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The decline of ETH is much stronger than BTC, and the price has dropped below the lowest point of the year, touching 2080, which means that the violent Whipsaw of ETH in the medium to long term is to liquidate exchanges and on-chain large investors, causing all investors who participated in ETH this year to suffer losses. 3562 has also become a strong resistance level in the short-term weekly chart. Is it appropriate to catch the bottom around $2300 for ETH now? Of course, it is appropriate. There have been so many whales being liquidated in a chain reaction, and the market panic has reached its highest point this year. While others are fearful and waiting for new lows, now is the time for me to be greedy. Even if the price hits a new low, your greed should intensify. In the short term, the pressure is around 2520, with secondary pressure at 2720-2750. The short-term support is at 2360-2380. Pay attention to the breakthrough of the range and the short-term trend entering consolidation. However, the overall downward trend is not over, so frens who operate contracts in the near term must control their positions well. Frens who cannot grasp it can take a light position or wait and see.