Hello everyone, as of the time of posting, BTC is priced at around 31450. After Ripple won the ruling that XRP is not a security, the overall mood of the entire cryptocurrency community seems to be jubilant. Influenced by this news, XRP's rise showed a clear trend, breaking through $0.9 in a short period of time, up more than 92.89%. Bitcoin and Ethereum also ushered in a short-term rise, with Bitcoin breaking through $31,800 to reach a new high this year, and Ethereum breaking through $2,000. SOL, ADA, MATIC and other cryptocurrencies that were previously listed as securities by the SEC all saw large increases in a short period of time.
This also indicates that the US government's regulatory policy on the crypto market is relatively loose, and the enthusiasm of traders has been ignited. At the same time, Ripple's strong rise has also driven the sentiment of Ethereum. Ethereum quickly climbed to 1900 with a firm momentum and rushed to 2000 again. In the process, many altcoins also rose with it, and institutional investors in the market were frequently active. The surge in Ethereum actually released the suppressed emotions that were previously troubled by Bitcoin. The US Securities and Exchange Commission (SEC) has strictly regulated and suppressed the crypto market in the past year. Although the market has felt signs that the US SEC may relax its policies since BlackRock applied for an ETF in June, the sword is still hanging over investors' heads. This sentiment has lasted for more than 20 days, and the market has been unable to break through because people are still worried. Ripple's victory was just a fuse that ignited market sentiment at once. However, we need to be vigilant that this surge is an emotional outburst or a real market recovery, and we still need to be cautious. In particular, I read the report from Bloomberg. Although Ripple won the case, the victory was announced only by a court in a certain region of the United States. The US SEC still has the right to appeal, which brings a huge potential crisis.
Trend Direction:
I think the market is still in a range in the short term and has not broken out yet. The support of 31500 is still not solid and may need to retreat to below 31000. Of course, the intensity of the emotional release last night makes us have to wait patiently for the performance in the afternoon or evening. I will remain conservative and cautious today.
Trading straregy:
After the excessive FOMO sentiment, the market still maintains a certain degree of heat, and we need to wait patiently for the market performance in the afternoon or evening. Considering that today is Friday, we must be cautious about everything. According to my personal observation, if the resistance level of 31500 cannot be broken, the market may retreat and remain in the range of shocks. 31500 and Ethereum's 2000 point position will become important points of attention. Be sure to be cautious!
Spot:
Stimulated by the news of Ripple's victory, the market sentiment has excessive FOMO, causing many altcoins to rise excessively. According to my personal opinion, if Bitcoin cannot break through the resistance level of 31,500, it may pull back and fluctuate around 30,000. Therefore, it is recommended to refer to the position of Bitcoin when establishing a spot position. If there is a pullback, altcoins may also follow the pullback, so don't act blindly when building a spot position, and be careful not to fall into the trap of small fluctuations.
