Recently, the market is half sober and half crazy.
BTC is consolidating, seemingly brewing something big. Marcus Corvinus explicitly stated: "Something big is coming." He is optimistic about BTC gathering strength in a triangular oscillation structure, with short-term support around $116,000. As long as it doesn't break this level, the next target is directly $125,000; if support fails, it might drop to $111,000 or even lower.
But what truly catches the eye is Ethereum.
ETH's eight consecutive positive days, this wave is unreasonably strong
ETH's recent performance is truly impressive. It rose over 3% intraday, reaching a high of $3,820, just a step away from last year's high of $4,106. Market rotation is also evident, with BTC consolidating, ETH leading the rise, and the Altcoin sector gradually heating up, with funds starting to flow in.
Rekt Capital pointed out the key point: BTC's range-bound movement opens up a rising window for other coins. Michaël van de Poppe directly said: ETH is the first Altcoin to break out, but many are still at the bottom with huge potential - such as SOL, XRP, ADA, none of which will miss this wave.
#DOGE surges then retreats, MEME sector pausing? #SOL preparing to take over?
Doge showed strong performance after its recent surge but couldn't trigger a comprehensive MEME sector breakout. Currently, DOGE has formed a daily W-bottom pattern, approaching a key resistance zone, and only a strong breakthrough can open further upside.
It has broken through key highs on the daily chart, steadily building higher highs (HH). Long positions established at the bottom can continue to hold, while those who chased high are advised to wait for a pullback or small cycle adjustment before entering.
The next focus is SOL.
ETH has been too aggressive and needs a rest, while SOL, a popular sector rotation candidate, is just beginning to accumulate strength at this position. Technical indicators show signs of strengthening, and if the rhythm aligns, it could become the next breakout focus.
Yesterday, we recommended focusing on AI and MEME sectors. Recently, $VIRTUAL, $AIXBT, #WLD, $LPT have been strong, just needing a final push. $PNUT and $BOME memes are also continuously gaining momentum. Yesterday was #CFX, today DIA is doubling down. Old coins + small market cap often take off when they've been depleted. After DeFi's turn, aren't AI and meme next?
Today, I saw an interesting case. A whale exchanged WBTC for ETH in early May, then after ETH rose nearly 49%, converted back to WBTC, earning over 11 BTC (worth more than $1.36 million) in just two months. This tactical rotation operation is a microcosm of market sentiment and capital flow, also highlighting the importance of monitoring on-chain large capital movements.
Here are a few recent noteworthy developments:
- #YALA will launch on Binance Alpha Testnet on July 22, a significant step in Binance's new ecosystem project. Whether it becomes the next hit, stay tuned.
- BN removes seed tag: Tokens like #BONK, #EIGEN, #ETHFI, #PENGU, #PEPE will be "promoted", with seed tags to be removed from July 21. This means market perception and liquidity could significantly improve.
Don't forget the major risk event at the end of the month - Japan's interest rate hike on July 31.
Although many are bullish, my personal view is more conservative. ETH has been flying along the upper Bollinger Band, and its cost-effectiveness is no longer high. No one in major groups dares to short, and when market consensus is extremely unified, it's easy to see a "needle drop". I tried a small short position to bet on a market pullback. Although I was bounced up, the direction might not be wrong; the key is still rhythm.
Remember, this market always belongs to those who survive the wash-out.
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