Traders,
July was nothing short of chaos — we saw Bitcoin rip to new all-time highs above $120K, only to retrace hard back toward the daily 50 EMA around $113K. Emotions hit extremes in both directions, with retail FOMO returning in full force and legacy names like XRP breaking above $3. Yet, as always, the whales used that hysteria as exit liquidity.
In this market breakdown video, I dive into how Bitcoin’s high-timeframe bull structure is still intact — as long as $100K holds — but why I’m cautious of a possible short-term top. I cover Ethereum’s 63% rally in July, the clean ascending triangle that could send it to $5,400, and why I’m eyeing September as the next big breakout window.
I also break down the current state of the meme coin market. Farcoin failed to sustain its bull flag and printed a weekly double top — a bearish signal that could be the “canary in the coal mine” for mid-caps like HYPE and even majors like BTC and ETH if the daily 50 breaks. On the flip side, Dogecoin is showing a textbook Wyckoff accumulation pattern that could set up a run to $0.35 if Bitcoin stabilizes.
My current positions are simple:
Holding a 2x Bitcoin long (with tight risk around $100K).
Taking a speculative Doge swing trade — high risk, but high potential reward.
August could give us major day-trading setups, but risk management remains priority number one. If the bearish contagion spreads, I’ll flip short — no hesitation.
As always, I’ll stay adaptive, take profits when the market offers them, and let the charts guide the narrative.
Best,
Thomas Johnston
July: +58.4%
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