Preface: Investment carries risks, and operations should be conducted with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, and you are welcome to read!
Article writing time: July 24, 15:35 Beijing time
Market Information
- Ethereum and XRP trading losses exceed Bitcoin, with bulls facing $680 million in liquidations;
- U.S. Treasury Secretary Yellen: A new Federal Reserve chair nominee may be announced in December or January;
- Market news: The third round of negotiations between Russia and Ukraine will not continue;
- Deutsche Bank: Dismissing Powell will not save much on debt costs;
- Trump threatens to "significantly raise tariffs" unless countries agree to open their markets;
Market Review
Yesterday, the strategy for Bitcoin and Ethereum was to short. Currently, the market is in a volatile trend; short high and long low is advisable. As of now, Bitcoin's low point has dropped to 117,052, and Ethereum's low point has dropped to 3,505. The lower levels have not been broken, so we continue to maintain a volatile strategy layout;
Market Analysis
Bitcoin
Looking at the 4-hour chart, Bitcoin has formed several long lower shadows around 117,000, indicating strong support at this level. After testing this position again during the day, it is currently forming a lower shadow. Yesterday, our short target for Bitcoin around 118,500 was 117,500-116,800, which has nearly been reached. Since this is a chasing short plus a volatile market, there is no need to look for a large space. Now that the 4-hour chart is forming this type of line, there is no need to look for a breakout. The line will change at 4 o'clock; if Bitcoin closes around 118,200, long positions can be entered directly, targeting around 120,000. If it breaks through 120,300, look for around 122,000. Later, based on the trend, look for opportunities to short; manage your entry opportunities yourself. For short-term trading, control risks and manage profits and losses independently;
Ethereum
Looking at the 4-hour chart, we recommended that everyone layout around 3,670 yesterday. The drop has basically reached our target position of around 3,530, and the lower level of 3,476 has not been broken. Currently, the 4-hour chart shows signs of forming a lower shadow, so there is no need to look for a breakout on the short side. In the short term, support around 3,530 is effective, and you can lightly enter long positions. Ethereum can be entered directly around 3,560, with a stop loss at 3,500, targeting 3,680-3,730. Manage your entry yourself; for short-term trading, control risks and manage profits and losses independently;
In summary:
Both Bitcoin and Ethereum have not broken levels in the short term, so a volatile strategy layout is sufficient;
The article is time-sensitive, be aware of risks, the above is only personal advice, for reference only!
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 circle.
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