Zhou Yanling: 7.10 Bitcoin and Ethereum's Latest Trend Forecast Analysis and Trading Strategies
The word "reversal" in the chart clearly expresses Yanling's judgment on the current market. In the face of market fluctuations like last night, I no longer have much hope for a rebound, especially when the pressure between 58200-58500 was too strong. It lingered at this level for 3 days without breaking through, showing signs of back and forth fluctuations and even attempts to test the resistance. It seemed like it was struggling to climb up, wearing people out. So now it's very clear, after closing out multiple long positions, it's just right to enter short positions. The primary resistance level in recent days is around 58500, and Yanling expects a further decline after a pullback to this level. The rebound yesterday was only 2000 points, and the strong rebound sentiment is unlikely to continue. The resistance is very clear on both the 4-hour and 1-hour charts. It would be unprofessional not to go short at this point.
Don't think it's too aggressive. The area below 58500 is really crucial. You should know that it has experienced strong selling pressure three times in a row during the day and left a signal of a reversal on the 4-hour chart. If this signal can be reversed before 8 a.m., then Bitcoin will still be under pressure. Let's not talk about whether 58500 will be broken, at the very least, it should move towards 60000. What I want is a rapid and steep decline. If that can't be achieved, we can only continue to observe a high-level adjustment and wait for the release of the CPI data on Thursday to see the market's buying and selling results. This is the most painful, you know? When you expect a decline, you can't rely on the data. It must continue to decline before the data is released to increase the magnitude of the decline. I'm not just saying this randomly. Think about whether recent major declines have been like this. As for the trading target, for everyone, it's enough to aim for around 55600 in the short term. There's no need to pursue excessively high profit margins. If you really want to be greedy, then look at the support level of 54800 below and exit after it reaches that level, and then make a trading decision based on the performance the next day!
7.10 Bitcoin Trading Strategy:
- Short at 58300-57800, stop loss above 58700, target 56500-56000, continue to look for around 55400 after breaking through
- Long at 56000-56400, stop loss below 55500, target around 57300
7.10 Ethereum Trading Strategy:
- Short at 3100-3070, stop loss above 3140, target around 2960, continue to look for around 2880 after breaking through
- Long at 2940-2970, stop loss below 2900, target 3040-3070
[The above analysis and strategies are for reference only. Please bear the risks on your own. The article's review and release may have a lag, and the strategies may not be timely. Please follow Yanling's real-time strategies for specific operations.]
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 cryptocurrency contracts/spots. If you need to learn more about real-time community guidance, consultation on getting out of a predicament, or learning chart reading skills, you can follow the teacher's WeChat public account "Zhou Yanling" to find the teacher.
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