Market Review

In a quiet market, patience is definitely the key to victory. In the layout on the 28th of last month, we clearly stated the long layout of Bitcoin at the 68,000 yuan line. After testing the 68,300 yuan level in the last round, Bitcoin started this round of rebound. Although the trading volume was relatively insufficient due to the closure of the US stock market, it still maintained a stable upward trend. After reaching 71,500 yuan once during the period and then experiencing a small-scale pullback, it returned to around 71,000 yuan in the early morning and began to oscillate. The trend is already very obvious, and the future upward trend is only lacking an opportunity.

Intraday Analysis

In the macro market, nothing significant has happened recently. The upcoming Bitcoin halving and the mid-year interest rate cut are the cornerstones of our bullish expectations in the medium to long term. We can maintain a bullish view in the medium to long term, and short-term fluctuations will not have an excessive impact. Returning to the market, we can see that the daily trend is still below the MA12/30, and the short-term indicators still show a bullish arrangement. The MACD short position also shows a significant decrease in volume. Here, we can see on the hourly chart that after several days of oscillation, most moving averages have begun to entangle below the current price. This is a very good point for buying power and the best entry point for our intraday trading.

Intraday Suggestion

For Bitcoin, focus on the short-term retracement to the 70,300-69,800 yuan line. If the support is broken, the target will be below 68,500 yuan for profit-taking and then switch to long positions. Otherwise, enter directly with long positions. As for Ethereum, focus on the short-term retracement to the 3,575-3,595 yuan line. If the support is broken, the target will be 3,565-3,545 for profit-taking and then switch to long positions, otherwise, the same as Bitcoin.

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