Master's Hot Topics:

Currently, due to the news of Biden's withdrawal, the price of Bitcoin has rapidly dropped by $2000, followed by a significant rebound.

The temporary decline occurred due to increased uncertainty in the U.S. election, while the rebound was driven by market expectations that candidate Harris would not be able to defeat candidate Trump, thus prompting the rebound.

Additionally, from July 25th to July 27th, Trump will attend the Bitcoin 2024 conference and deliver a speech, which may further boost market sentiment.

The Ethereum spot ETF will officially start trading tomorrow, and may experience significant short-term fluctuations.

Early investors may choose ETF products with lower management fees, and the market is also expected to experience some selling pressure.

However, this pressure will be absorbed by multiple ETFs in the market, so the long-term outlook remains positive.

Master's Trend Analysis:

BTC 1-hour:

From a technical analysis perspective, as mentioned in the closing analysis for students by the master yesterday, Bitcoin has broken through the downtrend line and is at a turning point in the trend.

After the rise, it gradually builds a base and continues to rise in a step-by-step manner, so the intraday view can be maintained as predominantly bullish.

Resistance Level Reference:

First Resistance Level: 68300

Second Resistance Level: 69500

If the coin price breaks through the first resistance level, further upward movement can be expected, and it can be inferred that 68K is a solid support.

In addition, the master expects a retest of the level near 70K within this week, but there may be a temporary pullback near 70K before continuing to rise.

Support Level Reference:

First Support Level: 67450

Second Support Level: 66600

The current price may adjust to the first support level, and if the price retraces to the first support level, it can be seen as a short-term entry opportunity.

At the same time, it is also necessary to pay attention to whether 68K can continue to hold.

Today's Trading Advice:

In today's trading, it is advisable to maintain a predominantly bullish view for trading.

Furthermore, due to the significant upward movement in the current market, it is in the stage of retesting the upper resistance.

As it is uncertain whether the retest will be successful, caution should be exercised in medium to long-term trading.

In an overheated market, be wary of adjustments. Although there may be further upward movement, entering the market without waiting for a pullback will make risk management more difficult.

It is recommended to wait for a pullback after careful observation. If there is no pullback and the price rises directly, short-term trading can be conducted by setting support levels within a small timeframe framework.

Master's Short-term Pre-set Orders on July 22:

Long Entry Level Reference: 66200-66600 range, gradually enter long positions, defend 500 points, target 67450-68300

Short Entry Level Reference: 69500-69900 range, gradually enter short positions, defend 500 points, target 68300-67450

This article is exclusively planned and published by Master Chen (WeChat public account: Coin God Master Chen). If you need to learn more about real-time investment strategies, untangling, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication, hoping to help you find what you want in the currency circle. Focusing on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% going with the trend; daily updates on macro analysis articles across the web, technical indicator analysis of mainstream coins and altcoins, and spot mid-to-long-term replay price prediction videos.

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