Bitcoin Price Analysis

The 200-day EMA plays a crucial role in Bitcoin's price action on the daily chart. Historically, the 200-day EMA has been one of the most direct indicators of whether Bitcoin is in a bull or bear market. We can see that since Bitcoin broke above the $32,000 price level in October 2023, it has not retested the 200-day EMA for a full eight months.

Recently, Bitcoin's price has finally pulled back close to 200-day EMA. Based on past experience, we can infer that the support zone below plays a pivotal role.

From a bull market perspective, The Bitop Market Analysis Team believes that the current price level presents an excellent buying opportunity. However, from a structural analysis standpoint, identifying intermediate patterns or trend continuation opportunities requires more time to observe Bitcoin's price action forming ascending consolidation structures such as triangles or descending wedges.

Can Bitcoin Break Out Directly to New Highs?

As mentioned in the first half, favorable intermediate patterns have not yet emerged. Therefore, at this stage, we need to pay close attention to the price levels at the 0.618 and 0.382 Fibonacci retracements. We focus on 0.618 because, from a trend perspective, in the case of a strong mid-term downtrend, 0.618 represents a strong retracement.

The 0.382 retracement, on the other hand, is the most critical level to watch within Bitcoin's current price consolidation structure. As we can see from the chart below, the POC (point of congestion), pressure zone, and 0.382 retracement of the downtrend's Fibonacci retracement perfectly coincide, forming a potential zone of significant resistance.

Ethereum Price Analysis

Ethereum's positioning has finally taken a more optimistic turn. It is evident from the daily chart that the uptrend remains intact, allowing for the drawing of a robust support line and support zone. Notably, the two support levels coincide with the 0.382 Fibonacci retracement.

Should the Ethereum ETF gain official approval, The Bitop Market Analysis Team will closely monitor the ETF's subsequent impact on market prices and potential bottom or reversal pattern formation.

A Substantial Pressure Zone?

Despite the overall bullish sentiment, the current price level aligns with the 0.618 retracement, POC (point of control), and the potential third point of the support line. Consequently, a short-term price reversal is possible in this region. From a long-term contract perspective, entering with excessive position sizing and leverage poses elevated risks at this level. However, for spot holdings, a second price test would present a more favorable buying opportunity.

Justin Sun Withdraw Floki 

Justin Sun and His History with Floki

On June 27, 2024, Justin Sun withdrew 300 million Floki tokens from the Poloniex exchange. (Average price: 0.000174)

Historical Records:

On January 17, 2024, the address starting with 0x9Fc (Justin Sun) withdrew 27.164 billion Floki tokens from Binance. (Average price: 0.000028)

On January 24, 2024, the above Floki tokens were all transferred to the address starting with 0x176.

On January 24, 2024, the address starting with 0x176 (Justin Sun) transferred 6 billion Floki tokens to Poloniex. (Average price: 0.000028) The price subsequently rose 936.90% from the low.

Justin Sun currently holds 21,979,251,538 FLOKI tokens.

Floki Price Analysis

The price level at which Justin Sun bought coincides with the support line and the 0.382 retracement on the daily chart, forming a strong support zone. Based on Fibonacci retracement projections, the potential target price range lies between 1.272 and 1.382, representing a potential upside of 155%.

The Bitop market analysis team reminds readers that meme coins carry higher risks compared to other assets. Please exercise caution with respect to allocation proportions and risk management when considering buying.

Conclusion

Despite the recent price corrections, Bitcoin has also pulled back to the vicinity of the 200-day EMA. When the price tested $59,000, there was a significant rebound. Therefore, the outlook for the future remains optimistic.

Ethereum has a very clear uptrend structure, and with the support of the support line and Fibonacci retracement, there is a high degree of consensus on the effectiveness of the lower support. It is expected to regain its momentum.

Floki has once again been included in Justin Sun's portfolio, and combined with the views provided by technical analysis, Floki is expected to perform well alongside Ethereum and many other altcoins in the future.

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.