Yesterday, Master Chen placed a long position in the 66200-66600 range, and the market dropped to around 66544 in the early morning. Subsequently, it rose to near 68235, and the first target of 67450 and the second target of 68300 mentioned in the article were both accurately reached, securing a profit of 1700 points from the pre-set long position.

Master Chen's Hot Topics:

Although the approval of the Ethereum spot ETF is good news, the market reaction is not as expected.

After the news was announced, the price of Ethereum experienced a slight decline. This may be because the market had already anticipated this news.

In addition, with the early Ethereum investors redeeming, they may switch to other low-cost ETF products, leading to a short-term small wave of selling.

In addition, the US GDP data for the second quarter to be released on Thursday and the US PCE inflation data to be released on Friday are also core inflation indicators for the Federal Reserve.

Master Chen's Trend Analysis:

BTC 1-hour chart:

According to market analysis, there are many bullish news for Bitcoin at the moment, putting the market in an overheated state. Therefore, the current position can be considered an important support area.

Based on on-chain data analysis such as mining costs and external factors, this rebound may be a temporary phenomenon and does not represent a long-term bullish trend, so the current position is very important.

When the market is overheated, many people will be bullish, but attention should be paid to the selling actions of institutions or large investors.

Resistance Levels Reference:

First Resistance Level: 68200

Second Resistance Level: 69000

If the price breaks through the first resistance level, it is necessary to observe whether it can stabilize around 68000 before expecting a retest of 69000.

Although the price temporarily deviated from the uptrend channel yesterday, it has returned to within the channel. Therefore, in the short term, it is possible to expect a breakthrough in resistance, and it is also necessary to observe within the pullback area to find favorable entry points.

Support Levels Reference:

First Support Level: 67350

Second Support Level: 66600

The first support level is the low point area formed after the rebound, and it is also the area that needs to be maintained for continued short-term uptrend. Due to the small buying and selling volume, there is a greater possibility of a short-term deviation.

Today's Trading Suggestions:

In today's trading, as the candlesticks have re-entered the uptrend channel, it is possible to maintain a bullish view for short-term trading.

If the first support level is maintained in the short term, it is possible to expect an uptrend within the channel. If the price falls below the lower boundary of the channel, it may adjust to 66.6k, which is a favorable buying point.

Short-term Pre-set Orders by Master Chen on 7.23:

Long Position Entry Reference: 66200-66600 range, staggered long positions, defend 500 points, targets 67350-68200

Short Position Entry Reference: 69000-69400 range, staggered short positions, defend 500 points, targets 68200-67350

This article is exclusively planned and published by Master Chen (WeChat public account: 币神师爷陈). If you need to learn more about real-time investment strategies, how to get out of a predicament, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication. I hope it can help you find what you want in the cryptocurrency circle. Focusing on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% going with the trend; daily updates on macro analysis articles across the web, technical indicator analysis of mainstream coins and altcoins, and spot mid- to long-term replay price prediction videos.

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