Preface: Investment involves risks, please proceed with caution.
Article review takes time, and there may be delays in publishing. The article is for reference only, and your readership is welcome!
Time of writing: 16:18, July 28th, Beijing Time
Market Information
Santiment: Bitcoin's weighted sentiment index has risen to the highest level since March 2023.
Justin Sun: The competition between China and the United States in Bitcoin policy will benefit the development of the entire industry.
Trump plans to establish BTC as a strategic asset for the United States, leading to frenzied trading in Bitcoin prices.
Bitcoin fluctuates after Trump's speech supporting cryptocurrencies at a conference.
Donald Trump announced that if elected, he will establish a strategic national Bitcoin reserve for the United States (Watcher.Guru).
United States: Trump's election will end the war on cryptocurrencies, and the U.S. will become the "world's cryptocurrency capital."
Market Review
As mentioned earlier, the pressure on Bitcoin near 68000 was expected to decline, and the decline did occur, but it did not continue. Bitcoin once again returned to the vicinity of the 68000 pressure. The lowest point of the previous decline for Bitcoin was at 63456, and it only rose after reaching 65000, but did not break 63000. Subsequently, due to the impact of the news, it rebounded and once again tested 68000, but the profits from short positions were still obtained. Ethereum is weaker, with a low point of 3087, and it also dropped below 3300, approaching our predicted level of 3000. Overall, this wave of decline still resulted in profits, with more profits from Ethereum. Currently, Bitcoin has returned to 68000 once again. Due to Trump's remarks, Bitcoin's popularity has increased recently, and it has been consistently high. Below, we will provide a simple technical analysis of Bitcoin.
Market Analysis
BTC:
Looking at the daily chart, although Bitcoin has returned to above 68000 once again, the daily closing price is below 68000, leaving a doji at the pressure level last night. Today is also the weekend, and the weekly chart is about to close. If there is no significant rebound today, it should also close below 68000, indicating that the 68000 pressure is still effective. Unless there is a significant impact from the news, the market will basically decline next week. It is recommended to continue to focus on the 68000 level for layout, with a target of 63500-61500. If the market reaches 61500, we will look for a bottom. Please manage entry opportunities in trading on your own and strictly adhere to stop-loss. For short-term trading, control the risk and manage profits and losses on your own.
ETH:
Looking at the daily chart, Ethereum's previous decline has basically reached the target area. The short position at 3530 directly dropped to around 3080. Although it is close to 3000, there is still a considerable profit margin. The short-term retracement support level for Ethereum is around 3100-2970. Currently, it has only reached around 3100 and has been pulled up by Bitcoin's rebound. Currently, Ethereum is slightly weaker. You can try short positions around 3280 and look at the 3100-3000 range. If it reaches this level, observe the extent of the decline. If Bitcoin continues to decline, Ethereum will also fall below the 2860 support and head towards 2500. Please manage entry opportunities on your own. For short-term trading, control the risk and manage profits and losses on your own.
In summary:
Bitcoin and Ethereum are under short-term pressure, and there are opportunities for decline. Pay attention to entry opportunities.
The article is time-sensitive, please be aware of the risks, and the above is for reference only!
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