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Time of writing: August 1, 18:14 Beijing time
Market Information
- Desantis: If elected president, will ban CBDC and end the "war on Bitcoin and cryptocurrencies";
- Coinbase spokesperson: SEC has not requested the delisting of any specific assets, the Financial Times report is inaccurate;
- Standard Chartered Bank Hong Kong: The group has a specific framework for opening accounts for virtual assets;
- Grayscale: It is expected that the court will make a ruling on GBTC in the fall of 2023;
- US SEC: Everything other than Bitcoin is considered a security, Coinbase needs to delist them all. (Bitcoin Archive)
Market Review
Yesterday, we mentioned that if the market failed to effectively break through the pressure and rise above the pressure area, it would need to decline. The downward trend has not been broken, and the market has indeed declined as expected. The low point for Bitcoin was at 28684, still some distance from our target range. Short positions can continue to hold and observe near the target area. Ethereum's low point was at 1808, reaching our target range. Those who took short positions made a small profit, and those who missed it can look for opportunities to enter again during the day. This decline is just the beginning, there is still some room for further decline.
Market Analysis
BTC:
Looking at the 4-hour chart, Bitcoin rebounded and then fell below the 29500 pressure, forming a new low point, indicating strong bearish momentum in the market. This round of retracement started after breaking below 29500, and a deeper retracement is expected in the range of 27500-26300 before there is a rebound opportunity. There is still some room for further decline, and those who were short near 29400 yesterday can consider moving their stop loss to around 28300 and exit when it reaches that level. After the rebound, they can continue to go short. For those who exited their short positions or are not in a short position, they can continue to go short near 29150, with a stop loss at 19450 and a target range of 28300-27500. Trade short-term, manage risks, and take care of profits and losses.
ETH:
Looking at the 4-hour chart, Ethereum also fell below the previous low point, and the previous resistance was not broken, as expected, the market also declined. Short positions reached the profit-taking target range of 1830-1780, congratulations to those who exited their short positions with a small profit. Those who did not exit can reduce their positions and continue to look for further decline. The target range for this decline in Ethereum is 1780-1715. After reaching this range, there will be a rebound opportunity in the future. Bitcoin's decline has just begun, and Ethereum will continue to follow the decline. Those who still hold short positions can continue to hold until this range. For those who do not have short positions or have already exited, they can consider entering near 1850, with a stop loss at 1880 and a target range of 1780-1715. Trade short-term, manage risks, and take care of profits and losses.
In summary:
Bitcoin and Ethereum will continue to decline in the short term, it is not yet time to bottom fish.
The article is time-sensitive, pay attention to risks, the above is only personal advice, for reference only!
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