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Time of writing: 18:34, July 22, Beijing time
Market Information
- CoinShares: Last week, the inflow of digital asset investment products reached 1.35 billion US dollars;
- Metaplanet has achieved its goal of purchasing 1.2 million US dollars worth of Bitcoin;
- Glassnode: Bitcoin miners are recovering from a months-long "surrender" period;
- Seven US states jointly challenge the SEC's excessive regulation of cryptocurrencies;
- Variant's Chief Legal Officer: With Biden's withdrawal, the Democratic Party has a "huge opportunity" to regain the majority of cryptocurrency votes.
Market Review
Bitcoin (BTC) has rebounded after falling to the 53485 level recently. During this period, the rebound has not provided much opportunity for a pullback. As of now, the highest point of the rebound is at the 68474 level. Ethereum (ETH) also rebounded after falling to the 2810 level, following Bitcoin's trend. The current highest rebound point is at the 3562 level. This rebound has not provided much of a pullback. Bitcoin's rebound is close to 15000 points, and Ethereum's rebound is close to 3300 points. This rebound may have reached its peak, and future attention should be paid to the breaking of the high points.
Market Analysis
BTC:
On the daily chart, Bitcoin's overall trend is a bearish force followed by a bullish counterattack. The previous decline refreshed the short-term low point, indicating that the bears still have some strength. The current rebound has brought Bitcoin back to the previous high volatility range, and there is still some pressure above. There is a concentration of chips at the previous high, and the current pressure level for Bitcoin's rebound is near 68000. After reaching this level, a slight pullback is expected. Currently, the pressure is still effective, and in the short term, attention needs to be paid to the breaking of the upper pressure level. The key level to watch for Bitcoin is 68000. If effectively broken, it will once again challenge the short-term high point. Trading can be positioned lightly around this level, with a target towards 65000-63000. If these two levels are reached, a deeper pullback towards 59200 is expected. After positioning near the pressure level of 68000 in the short term, set a stop loss and observe the opportunity to go short. Manage the risk and profit and loss on short-term trades.
ETH:
On the daily chart, Ethereum did not refresh the low point like Bitcoin did in this recent decline. Instead, it rebounded near the support at 2870 and followed Bitcoin's rise. However, the strength of the rise is not as strong as Bitcoin's. During the rise, there is some resistance above, and it has not broken through the 3530 level to reach the 3730 pressure. Currently, the short-term pressure at 3530 is still effective. As Bitcoin has already reached the pressure near 68000, if a pullback occurs in the short term, Ethereum will also follow. In short-term trading, Ethereum can be positioned lightly around this level, with a target towards 3400 and 3300. If the 3300 level is reached, a deeper pullback towards 3000 is expected. Manage the risk and profit and loss on short-term trades.
In summary:
Bitcoin and Ethereum's short-term rebounds are under pressure, and attention should be paid to the depth of the pullback.
The article is time-sensitive, be aware of the risks, and the above is for reference only!
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