- Zhou Yanling: Biden's withdrawal on 7.22, will the bull market in the currency circle come again? How to choose between long and short positions?
Last week, the currency circle was affected by the "interest rate trading" and "Trump trading". At the beginning of the week, the assassination attempt on Trump increased his chances of winning the election, and the market expected his policies to benefit the currency circle, leading to a random market surge. In addition, retail sales data exceeding expectations also boosted market development, but later fell due to market considerations of the possibility of a Fed rate cut. Furthermore, a major software failure by Microsoft led to the shutdown of enterprises and computers globally, including some airlines and banks, triggering some risk-averse reactions in the financial markets. Overall, the price of Bitcoin was affected by multiple factors, including the trend of the US dollar, geopolitical situation, Fed policy expectations, and the global economic situation. Therefore, this week, the new release of US GDP, PCE price index, and other data needs to be closely watched by coin enthusiasts.
Objectively speaking, the weekly chart of the coin price still represents an upward trend, but a risk signal has emerged during the upward process: it has approached the previous high four times in a row, and each time quickly followed by a rapid decline, indicating that there is still significant selling pressure near 73000; and the magnitude of the distance from the previous high in the last two times is not large (not afraid of the market not reaching a new high, but afraid of seeing it about to reach a new high and then coming back). From the daily chart, it is gradually forming a downward arrangement, and the strong pressure around 68000 has not been broken through over the weekend, indicating that the downward momentum is gradually strengthening. Yanling expects the coin price to return to the lower half of the wide range oscillation track in the near future, and is currently in the process of crossing the middle track, just like the previous two times. With the significant break of the original upward channel, the upward trend of the Bitcoin 4-hour chart has been temporarily terminated. Although from the perspective of the moving average system, it is still in a trend transition period (which may also become a sideways trend), the downward intensity and continuity reflected by the large bearish candle just closed are already no different from the downward trend (priority). Therefore, Yanling expects the short-term trend of the coin price to be weak, with a focus on the resistance level of around 68000 as mentioned earlier, and support below around 64000.
7.22 Bitcoin operation strategy:
- Short at 68000-67500, stop loss above 68500, target 66600-66100, continue to break through and look at around 65200
- Long at 66000-66400, stop loss below 65500, 67500-68000, continue to rise and look at around 69300
[The above analysis and strategies are for reference only. Please bear the risks on your own. The article review and publication may have lagging strategies and do not have timeliness. Specific operations are subject to Yanling's real-time strategy]
This article is exclusively created and shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for more than ten years, mainly analyzing and guiding BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV and other currency circle contract/spot operations. If you need to know more about real-time community guidance, de-risking consultation, and chart reading skills, you can follow the public account "Zhou Yanling" for more information.
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