Preface: Investment carries risks, and operations should be cautious.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Article writing time: July 25, 18:06 Beijing time
Market Information
- HSBC: The Federal Reserve is expected to remain on hold for the fifth consecutive meeting;
- European Central Bank board member Kazaks: The era of directly deciding to raise or lower interest rates has ended;
- The Dow Jones index's upward momentum has stalled at the highs from December to January, while Bitcoin has dropped to $115,000;
- Goldman Sachs no longer expects the European Central Bank to cut interest rates this year;
- Trump: Dismissing Powell would be a significant move but is unnecessary;
Market Review
Yesterday, our strategy was to layout a range-bound approach. Bitcoin briefly surged to the 119,469 position before starting to decline. During the day, it broke below the low of 115,678, with the current lowest point at 114,667. Ethereum's short-term high yesterday was 3,772, followed by a drop to 3,570, which did not break the 3,530 support;
Market Analysis
Bitcoin
Yesterday, the 4-hour chart closed with consecutive doji candles. The short-term long position we laid out had a profit of about 2,000 points. Although it did not reach the target near 120,000, it still yielded decent profits. During the day, Bitcoin broke below the support levels of 117,000 and the low of 115,678. This break invalidated the high-range consolidation trend, and the market is expected to enter a deeper decline. On Monday, we indicated that the weekly chart signaled a downward trend that needed further confirmation. Currently, after Bitcoin broke the first support level of 117,000, the market has confirmed that the subsequent trend will primarily be downward. The short-term support for Bitcoin is around 113,600, while the 117,000 level has turned from support to resistance. In trading, wait for a rebound to around 117,300 to short. There is still a rebound space of about a thousand points. After entering at 117,300, set a stop-loss at 118,800, with a target of 115,000-114,000. Manage your entry opportunities; short-term trading, control risks, and manage your own profits and losses;
Ethereum
Ethereum still needs time for confirmation. During the recent large fluctuations in Bitcoin, Ethereum's movement has been relatively stable. The short-term long position we laid out at 3,560 had a target of 3,680-3,730. Ethereum's rebound high was 3,772, which basically reached the target, and the movement was in line with expectations. After Bitcoin's decline, Ethereum only approached the 3,530 support before rebounding. Further declines in Ethereum will require a break below the 3,530 level for confirmation. In trading, Ethereum should also follow Bitcoin for short positions. It is recommended to enter around 3,870, with a stop-loss at 3,930, targeting the 3,700-3,640 range. Manage your entry opportunities; short-term trading, control risks, and manage your own profits and losses;
In summary:
Bitcoin has broken down, and the market will welcome a new trend, while Ethereum still needs further confirmation;
The article is time-sensitive, be aware of risks, and the above is only personal advice for reference!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
"In life, one should enjoy to the fullest, do not let the golden cup face the moon empty, cook sheep and slaughter cattle for joy, one must drink three hundred cups at once." Always retain Li Bai's boldness, "Cen Fuzi, Dan Qiu Sheng, let’s drink, do not stop the cups." Always have brothers with whom you can talk about anything. Cheers to life, cheers to the past, keep it up, every person in the crypto world.
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