Yesterday, Master Chen placed a long position in the 66200-66600 range, and the market dropped to around 66213 in the afternoon. Subsequently, it rose to near 67350, hitting the first target of 67350 as mentioned in the article, and the pre-set long position secured a profit of 1150 points.

Hot Topics Discussed by Master Chen:

Yesterday, the trading volume of the Ethereum spot ETF reached $320 million in the first hour of its launch, while the trading volume of the Bitcoin spot ETF in the first hour was $610 million.

Currently, ETH's performance is good, with a trading volume exceeding 50% of Bitcoin's during the same period. However, some large holders chose to take profits early yesterday.

Because Ethereum has the characteristics of high-quality bonds, compared to Bitcoin, it is easier for institutions to make money with Ethereum.

It has greater speculative space, and inflation and deflation can be controlled. In addition, its financial and bond attributes are very appealing to Wall Street.

Although Ethereum's price is currently relatively weak, its future is still promising after the ETF approval.

Trend Analysis by Master Chen:

BTC 1-hour chart:

Currently, Bitcoin has stayed at 66K after the decline caused by the Mt.Gox compensation.

Although the short-term cryptocurrency market faces uncertainties and other bearish news, the long-term outlook for the Ethereum spot ETF is positive. In addition, with the approaching US presidential election, it is expected that these bearish factors will eventually be absorbed, and there is a high probability of an increase.

Currently, Master Chen will gradually focus on the previous box range and conduct trades based on the short-term uptrend line.

Resistance Levels:

First Resistance Level: 66300

Second Resistance Level: 67200

When breaking through the first resistance level, due to the resistance of the 60-day and 120-day moving averages above, trading from a pullback perspective can be considered during the rebound.

The moving averages have now turned into a reverse arrangement. Since the short term is a bearish trend, it is necessary to observe whether the price can break through the moving averages during the uptrend and turn into a positive arrangement.

Support Levels:

First Support Level: 65800

Second Support Level: 65100

At the first support level, a short-term rebound can be expected, and the short-term uptrend line and the second support level will provide a good risk-reward ratio range.

Furthermore, because the current price is on the short-term uptrend line, the short-term rebound view can be maintained.

Today's Trading Suggestions:

In today's trading, short-term operations can be based on the short-term uptrend line.

Although a short-term rebound can be expected, it is advised to be cautious when operating near the trend line, as there is a probability of the price deviating from the trend line.

If the price deviates from the trend line, the downside space will further open up, and 65.1K will be set as an important support level.

Short-term Pre-set Orders by Master Chen on 7.24:

Long Position Entry Reference: 64700-65100 range, gradually enter long positions, defend 500 points, target 65800-66300

Short Position Entry Reference: 67200-67600 range, gradually enter short positions, defend 500 points, target 66300-65800

This article is exclusively planned and published by Master Chen (WeChat public account: 币神师爷陈). If you want to learn more about real-time investment strategies, how to resolve positions, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication. Hopefully, 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.

Friendly reminder: Only the column public account (as shown in the image above) is written by Master Chen. The end of the article and other advertisements in the comments section are not related to the author. Please be cautious in distinguishing between true and false. Thank you for reading.

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