Market Review and Analysis
On the first day of August, BTC began to decline. In yesterday's early review, it was mentioned that the market would fall below 66000 points to the range of 64000-64600 today. In the early hours, it started to decline directly with little sign of a rebound. The market has now come directly to around 64000. It's better to take a quick look at this position today. Based on this rate of decline, BTC is expected to continue to fall today. ETH, which had a slight surge in the past few days, can be considered as a follow-up to the surge. The decline today is not significant, and there will be a follow-up.
Normally, BTC's decline today should be in the range of 3060-3120 to match the current equivalent price. The monthly chart for July has already closed, and overall, it is not very favorable. The first day of August saw a decline, which, relative to BTC's price, is not very significant. Expecting further significant declines.
Key Points for Today
BTC: It's advisable to take a quick look at the 64000 point mark for BTC today. Currently, there is intraday volume, and according to the normal trend, it is unsustainable intraday. The intraday support level can be seen at the 62000-62600 range. Pay attention to the four-hour closing. If it does not break the 64000 point closing, pay attention to the resistance level at the 65000-65500 range. The support level is ineffective for a significant decline, but it can be observed step by step. If it falls below, the next target can be around 60000.
ETH: On the four-hour level, it has just touched the 3200 mark. As mentioned yesterday, the second high point has been established, and the market will not decline all at once. The surge in this round did not continue, just had a slight surge, and now it is starting to weaken. Today, focus on the 3200 mark on the four-hour level. If it falls below, the next target can be seen at the 3050-3100 range. On the daily level, the critical position to watch is near 3960, which will determine whether 2800 will be breached. Once 2960 is breached this week, 2800 will not be able to sustain further decline.
"Let strength speak, and value show! Take precise control of the positions, grasp the profits. In the cryptocurrency market, when the market is good, you can make profits in any way, but you must understand that the market will not always be good! When to buy and when to sell in the cryptocurrency market is what matters. To achieve higher returns, the choice is yours, and choice is greater than effort!"
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