Master Chat Hotspot:

ETH is being dragged down by the overall market, and in the face of this market, Ethereum is also powerless. Bloomberg's expectations for the approval of ETFs have been advanced, and analysts currently believe that it will be listed next week.

The reason is that Bitwise submitted a revised S-1 form earlier than the deadline of July 8th, which may prompt the Ethereum ETF to be listed next week. Of course, the early approval of the ETF is not a good thing, but it will instead shorten the speculation window for the ETF.

In addition, as the overall market continues to pull back, MicroStrategy's Bitcoin holdings have fallen from nearly $10 billion from the high point to about $5 billion.

Master's Trend Analysis:

BTC Daily Chart:

Bitcoin has fallen to its lowest level in two months, and currently, concerns about the repayment of funds from Mt. Gox have caused a transfer of funds to wallets, leading to a decline in Bitcoin.

In addition, the issue in Israel has increased geopolitical risks, and the market has been under selling pressure.

From the chart analysis, if it falls below the lower rail of the daily line, the decline will significantly increase.

Resistance Reference:

First Resistance: 54800

Second Resistance: 53400

If the price breaks through the first resistance, due to the formation of a lower shadow at the bottom of the candlestick, a short-term rebound can be expected, increasing the probability of retesting 56K.

As selling pressure is still strong, it is necessary to pay attention to the candlestick pattern and whether the trading volume increases when testing 56K!

Support Reference:

First Support: 54800

Second Support: 53400

The first support line is a short-term low point. If it breaks, it will open up downward space. The maximum downside target is 52K, but for now, the master will still consider the second support as an important support.

After oversold on the RSI indicator, pay attention to whether the price will rebound slightly upwards and look for opportunities for ultra-short-term trading.

Today's Trading Suggestions:

In today's trading, due to the significant decline, it is mainly operated with a bearish view within the rebound range.

The support lines mentioned above are a good risk-reward ratio area, so ultra-short-term operations are more ideal. At the same time, pay attention to whether higher lows will be formed in the small-scale trend and respond in real time.

Please refer to these suggestions when trading

7.5 Master's Short-term Pre-set Orders:

Long Entry Reference: 53000-53400 range, gradually enter long positions, defend 500 points, target 54800-55900 (light position)

Short Entry Reference: 55900-56300 range, gradually enter short positions, defend 500 points, target 54800-54000

This article is exclusively planned and published by Master Chen (WeChat public account: Coin God Master Chen). If you need to understand more real-time investment strategies, untangling, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication, hoping to help you find what you want in the currency circle. Focusing on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% follow the trend; daily updates on macro analysis articles across the network, mainstream coin and altcoin technical indicator analysis, and spot medium to long-term replay price prediction videos.

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