Zhou Yanling: Has the unilateral rise of Bitcoin ended on July 16th? Latest market trend analysis and hedging strategies
Has the rebound of Bitcoin ended at 65,000? Last time, it dropped by 10,000 points in 3 days, and this time it rebounded by 10,000 points in 3 days. It has to be said that only the cryptocurrency market has this kind of trend! Many people know that the previous high point was around 64,000. After breaking through, many believed that this would become a turning point. The 10,000-point rebound is just a visual impact. It doesn't mean that breaking through 64,000 will definitely lead to a continued surge. Many of us thought there would be profit-taking, so we dared not add positions above or without retracement. Don't blame yourself for this. At least you are managing risk. Now, the rapid retracement from 65,000 to around 63,400 also proves that this risk management is correct. Otherwise, it's easy to chase after the ceiling. Therefore, Yanling predicts that the market in the next 3 days of this week will oscillate widely and wash back and forth, and a high-level adjustment is inevitable.
Since it has been confirmed as a high-level adjustment and the price is gradually moving downward, the reference low point for this wave of short positions during the day is around 62,300. The basic triangle has already formed, so the remaining thing is to see where the price will go first. Since it has just started to decline rapidly, in terms of strategic layout, now we only need to consider the horizontal resistance level of 64,000. This way, the trading retracement will also be relatively easier to handle. The target support below is around 62,300. Holding this position for short-term adjustments is undoubtedly the right move. The unilateral market trend has ended, and the operation in the next few days of this week will revolve around resistance and support, so it's best to sell high and buy low.
Bitcoin Operation Strategy on July 16th:
- Short at 63,800-63,400, stop loss above 64,300, target 62,700-62,300
- Long at 62,300-62,700, stop loss below 61,800, target around 63,300, continue to look at around 63,800
Ethereum Operation Strategy on July 16th:
- Short at 3,460-3,430, stop loss above 3,500, target 3,360-3,320
- Long at 3,330-3,370, stop loss below 3,300, target 3,420-3,460
[The above analysis and strategies are for reference only. Please bear the risks on your own. The publication of the article may have lagging strategies and does not have timeliness. Please refer to Yanling's real-time strategies for specific operations.]
This article is exclusively created 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 BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV and other cryptocurrency contract/spot operations. If you need to know more about real-time community guidance, hedging consultation, and chart reading skills, please follow the public account "Zhou Yanling" to find the teacher.
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