- [Review] -
Omitted.
- [Today's Market Analysis] -
Vintage Wine Trading Diary: Daily Interpretation 7.24
① Intraday ultra-short-term - Resistance: 66600
If there is an effective breakthrough of 66600, the next target is 67300. I will probably choose to lay out short positions at this level. If 66600 remains as resistance and cannot be effectively broken through, then I will consider making short positions on the right side, that is, wait until a more clear signal of decline before opening a position.
② Intraday ultra-short-term - Support: 66000
Once 66000 is broken, it will probably return to the downtrend and continue to retract, and will expand to a larger level of retracement. If it can hold, then it depends on whether 66600 will be effectively broken through.
Summary: The price will temporarily operate between 66000-66600, with not very large fluctuations. However, it should be noted that this is only a rebound in the downtrend. Whether it can turn into an uptrend depends on the next two days.
- [Cryptocurrency News] -
Attention! As of July 23, the URPD data reflecting the BTC on-chain chip structure has shown a signal worth paying attention to.
A super "huge volume bar" has formed at a single price of $66,000, accumulating 570,000 BTC. This cumulative scale has exceeded the accumulation at $16,000 (the historical low of this round), becoming the first high on the price bar of URPD.
It is important to know that the formation of a "huge volume bar" means that a large amount of movement (turnover) has occurred at this price. This includes ETF wallet address transfers, OTC on-chain transfers, and exchange transfers (such as Mt.gox wallet transfers to exchanges), most of which are related to BTC transactions. Therefore, we can consider that there is intense long and short game at $66,000.
Where there is a game, there is a difference. When the difference reaches a certain level, it is reflected in the data as the formation of a "huge volume bar," and the market will quickly make a directional choice. Either upwards, with the huge volume chips forming support, and the price rapidly rising, leaving behind this "huge volume bar" for a long time until a temporary top is slowly digested. Or downwards, with the huge volume chips becoming selling pressure, until a new price consensus range is formed below, and the "huge volume bar" can be gradually digested.
On the URPD data on June 30, there was also a huge volume bar, which was at a single price of $61,000.
The logic behind the formation of the huge volume bar at that time:
If this is a temporary bottom, there will definitely be the formation of a huge volume bar. However, the formation of a huge volume bar does not necessarily mean it is a bottom. When the accumulated chips of the huge volume bar reach a certain height, the market will probably make a choice.
The price range where a huge volume bar is formed is usually not the top of the cycle. Because the formation of a huge volume bar requires time and turnover, if it is at the top, it often does not provide such a dense opportunity to escape the top.
As everyone knows, starting from July 2, the market experienced a round of nearly 20% pullback, and also digested and distributed the 61,000 huge volume bar to other price ranges.
And this time, an even higher "huge volume bar" was formed, which is similar to the previous logic. Currently, everyone is looking forward to the upcoming Bitcoin conference and Trump's speech at the conference, so the market sentiment is relatively stable. But there may be capital flight, or expected trading before the end of the conference, these are all possible. I personally think that this may not be a good entry point, and should be observed with caution.
Personal opinion, for reference only
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