Last night, the highly anticipated NVIDIA financial report was released. NVIDIA's sales and profits exceeded expectations, but the stock price dropped by 5% after the announcement. "Good news landing is bad news" as the cryptocurrency market followed the decline in the US stock market.
"Every time I see a needle-like market, there is always someone being targeted!" Good news does not necessarily lead to an increase, and bad news does not necessarily lead to a decline. The cryptocurrency market is like a dark forest, where accidents can happen at any time, but surprises can also occur. Therefore, there is no need to overly focus on short-term plunges. The long-term trend has not changed. Bitcoin has already gained widespread acceptance. Perhaps, as humanity transitions from carbon-based to silicon-based, Bitcoin will become the sole world value store!
"The market is a period of oscillation and repair, and it still needs time to adjust."
Looking back at yesterday's market, Bitcoin fell below 58,000 in the morning, rebounded to 60,000, and then faced a bearish attack. In the evening, it dropped below 58,000 again. The bulls resisted fiercely, counterattacked quickly, and rose to near 60,000, only to be hit hard by the bears. It can be seen that 58,000 is a contested area for the bulls, and 60,000 is a key deployment area for the bears.
"Currently, the market is around 59,000. Looking at today's market analysis:"
The overall Bitcoin market has re-entered the stage of testing bottom support. Although it received support near 58,000 yesterday, this support was very weak and almost negligible.
"From August 9th to now, Bitcoin has been in a wide-ranging oscillating market trend at the 4-hour level, and is currently hovering near the lower boundary of the oscillation."
From the candlestick chart, the 1-hour level is in a sideways trend, while the 4-hour, 12-hour, and daily levels are in a downward trend. The intraday resistance is at 62,000, and the support is at 56,000.
Intraday, the market is expected to continue to oscillate. As the end of the month approaches, the weekly and monthly charts should not have much volatility in the next two days, whether it is spot or futures trading, there is relatively little room for operation!
After this drop, the time for Bitcoin to reach 70,000 will be delayed, and the future trend towards 70,000 will be very bumpy. The market will continue to wash out positions and oscillate, wearing down long positions.
"Altcoins"
"The recent decline is not small for altcoins. However, compared to before, most altcoins have not been oversold. This means that the market makers and manipulators of various altcoins did not understand why the market plummeted, so they just followed the market decline!"
However, for Ethereum, there is indeed too much FUD (fear, uncertainty, and doubt) now. Vitalik Buterin's personal life has sparked public outrage. Previously, people only wanted him to do more work and talk less about philosophy, but now they are directly questioning why he is not working on DeFi. Vitalik even posted his own GitHub link to showcase his coding ability and revealed that he only has a salary of $136,500.
Some people are comparing Vitalik to Elon Musk, saying that Musk spent $100 million over 6 years to develop the Falcon 1 rocket, while Vitalik has spent $1 billion over ten years without achieving anything. In any case, Ethereum is currently weak, and everything Vitalik does is criticized. I am now very worried that after being cyberbullied, Vitalik will leave the internet. Although the foundation's coin selling to support the team is indeed not conducive to the coin price, we should also be grateful for Ethereum's decade-long position as the king of public chains.
Vitalik is too important for Ethereum. The latest EIP-7702 was written by Vitalik in 22 minutes. I think it will be Vitalik who can lead Ethereum out of the quagmire. Everyone should voice their concerns, but not escalate the situation.
"It is normal to lose money in a bad market, and bankruptcy is not so scary. Many successful people in the cryptocurrency industry have gone bankrupt multiple times!"
"The scariest thing is to fail in bankruptcy, not accumulate experience, not increase awareness, blame the market, blame others."
"The scariest thing is to lack the courage to fight again! The best thing about the cryptocurrency market is that it is always full of opportunities, but you must be diligent."
"Follow me and let's welcome the super bull market together!!!"
"In the cryptocurrency industry, if you want to seize the opportunity of the next bull market, you need to have a high-quality circle, where everyone can gather together, maintain insight. If you are alone, looking around, and finding no one, it is actually very difficult to persist in this industry."
"If you want to gather together or have any doubts, feel free to join us - WeChat Official Account: Young Crypto Enthusiasts"
"Thank you for reading. If you like it, please give it a thumbs up and follow us. See you next time!"
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
