7.23 bearish, enter with 2 cycles, high probability of making a profit, one short at the current price, and another short near 70500 for BTC, and around 3600 for ETH! The current situation is complex, especially with the news about ETH's ETF, which can easily amplify any small news and lead to a rally or a sell-off! Therefore, avoid heavy positions!
Based on the Nasdaq in the US stock market, the sharp drop in tech stocks in mid-July had little impact on the cryptocurrency market. For ETH, it's just a fluctuation of around a hundred points!
It can be basically confirmed that there are still institutions supporting the market, as evidenced by various influential figures in the past! Moreover, in terms of position, the upside potential from this position is not significant, while the downside potential is relatively larger!
Whether going long or short, the first priority is to pursue a high cost-performance ratio, with a small stop-loss space and a large take-profit space, which are the core conditions for opening a position!
Therefore, based on the calculation, the upside potential is not significant at this point. Establishing a layout for two long-term short positions has a very high cost-performance ratio!
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