News focus
1. Dogecoin chief developer: The possibility of Dogecoin switching to PoS consensus is very small, and he may withdraw from the project if it happens.
2. The U.S. Securities and Exchange Commission (SEC) filed an interlocutory appeal motion regarding the Ripple case ruling.
3. Bloomberg analyst: The U.S. Securities and Exchange Commission (SEC) may respond to BlackRock and Bitwise Bitcoin spot ETF on September 1.
4. Binance: A fraudulent project falsely claims to have a cooperative relationship with Binance. Please only trust the official channels.
5. Foreign media: The U.S. Securities and Exchange Commission (SEC) plans to approve the Ethereum futures ETF, which may be listed before October.
Bloomberg analyst Eric Balchunas tweeted that the US SEC must respond to BlackRock and Bitwise's Bitcoin spot ETF application on September 1, and the decision may be delayed, but this is also the next possible date. In addition, there are two major factors affecting the market, namely the resilience of the US economy and the challenges of economic growth in Asia. Now it seems that both factors are conducive to further strengthening of the US dollar. Federal Reserve Chairman Powell may reiterate the Fed's determination to curb inflation when he speaks in Jackson Hole this week. Inflation will continue to support the US dollar. Therefore, in order to reverse the decline of digital currencies, economic growth in Asia and Europe must recover.
There is no major macro narrative structure at present. It is difficult to quickly break the shock of 26,000 area. As the market is breaking down quickly, it may take a long time to stabilize the current situation. Up to now, the price of the currency has been hovering in the 26,000 area for three days, and it still has not gone out of a large fluctuation, indicating that it is still in a weak consolidation stage.
From the perspective of chips, the rapid decline in the early stage has led to a large share of market liquidations. The performance has been flat on weekends in recent days, and the willingness to intervene in chips is not strong. If there is no external capital replenishment in the market, it will definitely be unfavorable for the market's recovery. Therefore, if you want to make a turning point in direction, it will most likely be delayed.
From a technical perspective, the 4-hour Bollinger Bands are shrinking, because the MACD double lines below are below the zero axis, and the increase in the kinetic energy column is unlikely to cause a sharp rise in the price of the currency. Therefore, even if the market sees a large increase in the long side, it is difficult to continue the upward trend for the second time, and it will eventually return to the decline of the short side.
Recommended position: short around 26400-26600, target 26000--25500. Stop loss 27000
Aggressive investors can take advantage of small rebounds, but remember to enter the market with small positions.
The wind in July and the rain in August, the second half of the year will definitely have better luck. Lanchen's order record this month is 7 wins and 3 losses, with a winning rate of 70%, a profit point of 4800, and a loss point of 600. The whole network is updated in real time (small currencies are not recorded)
