Market laws, twists and turns, cycles of change, internal cultivation, external practice, the road ahead is long. Doubt can filter risks, but it can also lead to missed opportunities. To seize opportunities, one must be brave enough to try. Different attitudes towards life yield different results. Without great ambitions, even with the help of influential people, one will ultimately achieve little. Countless difficulties are not insurmountable. The success story of an investor is actually a history of learning and growth. The journey may be arduous, but one must not forget their original intention to achieve success.
2024.7.29 BTC————————
As the weekly closing of Bitcoin approaches, after a bottoming action, the overall price has received effective support around the 64,000 level. Currently, the price on the daily chart remains at a bullish level, with support around the 67,000 level. It is worth noting that there are signs of divergence between the daily K-line pattern and the MACD, so caution is advised for a potential high and subsequent retracement to find support. Although the short-term four-hour chart remains within an upward channel, the gradual contraction of the Bollinger Bands indicates a certain bullish force. Short-term support below is around 67,700. The recent upward movement on the hourly chart confirms our judgment on the daily chart. In summary, it is suggested to focus on steady pullbacks for long positions in Bitcoin in the short term.
Pending Order:
Long at 67,000-67,500, with a 500-point stop loss, targeting an increase of 800-1000 points or more
(The strategy can only be used once, and the profit-taking can be arranged at your discretion)
2024.7.29 ETH————————
The overall downtrend range of Ethereum is very significant, with a bearish engulfing pattern forming on the weekly chart, indicating a less optimistic situation. After testing the support around the 3,000 integer mark on the daily chart, the price has gained some support, but it is crucial to focus on whether 3,280 can hold as support. On the short-term four-hour chart, the Bollinger Bands are gradually contracting, and the price is running within an upward channel. The support level to watch is around 3,250. The MACD indicator on the chart shows continued bullish volume, with the fast and slow lines rising steadily below the zero axis. In conclusion, it is suggested to maintain a cautious and observant stance on Ethereum as a whole, with a focus on aggressive long positions during pullbacks.
Pending Order:
Long at 3,250-3,230, with a 60-point stop loss, targeting an increase of 60-100 points or more
(The strategy can only be used once, and the profit-taking can be arranged at your discretion)
This article is exclusively written by senior analyst Qin Chuan, who has researched the investment field of Bitcoin, Ethereum, futures, spot, gold, forex, and stocks for many years. Currently, he mainly guides futures operations, with a solid theoretical foundation and practical experience. He excels in combining technical and fundamental analysis, emphasizes on capital management and risk control, and adopts a steady and decisive operating style. He is widely recognized by investment friends for his amiable and responsible character, as well as his sharp and decisive operations. For more real-time investment strategies, trading techniques, operational skills, and knowledge about candlestick charts, follow the public account: Zhao Qin Chuan.
Disclaimer: The above analysis represents the author's personal views and does not constitute specific operational advice. Trading based on this information is at your own risk. Investment carries risks, so caution is advised when entering the market.
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