Zhou Yanling: Latest Analysis and Trading Strategies for Bitcoin and Ethereum on July 8th
In this environment of continuous decline and minor rebounds, shorting can only be seen as a retracement in the first step. Therefore, our trading goal for today, Monday, is very simple: wait for a short opportunity at a high level, set a short-term target, and then exit. As for what to do next, it depends on the market sentiment. In fact, the rebound over the weekend can be considered a small-scale signal of a peak, especially after the rapid rise in coin price following the breakthrough of 58,000 in the early hours of yesterday. However, it was in vain, and now it has entered a repetitive stage, indicating a defensive test of the previous high point. There are currently two options: either look for a bearish position near the recent high point, such as around 58,500, or wait until the daytime session on Monday to see if it is sufficient to break through the new high before making a decision.
Anyway, if you ask me to do it, I will definitely do it all. First, enter the market and observe a 500-point retracement. If it directly falls to around 56,000, Yanling will take profit first. If it is knocked out, then I will consider re-entering based on the situation. Don't ask me for specific points. If it rises again, it will be an unknown area. Apart from 69,000, what else can you refer to? Do you still need to look at the previous high point of 64,000? Currently, in the short-term trend, I don't have this plan. I can only say it depends on the situation. The sharp drop last week hit the bottom, and this week it is bound to test downwards again. At least one test is inevitable, so even if you want to bottom fish, you have to wait until this wave of retesting is completed before executing. Before that, shorting to defend the previous high is definitely what Yanling will do, that's it.
Bitcoin Trading Strategy on July 8th:
- Short at 58,200-57,800, stop loss above 58,800, target 56,600-56,000, continue to break through and look at around 54,900.
- Short-term long at 56,000-56,400, stop loss below 55,600, target 57,500-58,000.
Ethereum Trading Strategy on July 8th:
- Short at 3,050-3,020, stop loss above 3,090, target 2,940-2,910, continue to break through and look at around 2,840.
- Long at 2,950-2,970, stop loss below 2,910, target around 3,030-3,070.
[The above analysis and strategies are for reference only. Please bear the risks on your own. The article's review and release may have delayed strategies and lack timeliness. Specific operations should be based on Yanling's real-time strategies.]
This article is exclusively authored and shared by senior analyst Zhou Yanling (WeChat: Zhou Yanling). The author has been engaged in financial market investment research for more than ten years, mainly analyzing and guiding the operations of BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV and other coin circle contracts/spots. If you need to understand more real-time community guidance, consultation on getting out of trouble, and learning trading skills, you can follow the teacher's official account "Zhou Yanling" to find the teacher.
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