Circle of Coins: 7.6 Bitcoin (BTC) and Ethereum (ETH) Latest Market Analysis

The current price of Bitcoin is 62600, and it has formed a beautiful V-shaped reversal or a rounded bottom right side pattern. The current price is above several key moving averages, looking quite imposing, but there is also significant pressure above, as there are many trapped positions in front. The EMA moving average system is undergoing subtle changes. The short-term EMA7 and EMA30 have crossed bullishly upwards, indicating that the short-term trend has turned bullish, but the EMA120, as a long-term bull-bear dividing line, is currently flat, meaning the larger scale is still in a consolidation phase. The MACD indicator requires attention to the risk of a top divergence. Regarding the Bollinger Bands, the price is currently fluctuating around the middle band at 62775, with the upper band at 63309 and the lower band at 62242. The opening is starting to contract, indicating that a trend change is imminent, with volatility decreasing, about to choose direction.

Short-term trading ideas reference:

Buy point 62000-61500, stop loss 61000, target 63500 aiming for 64000.

Sell point 63500-64000, stop loss 64500, target 62500 aiming for 62000.

Ethereum

Dear folks, Ethereum was at 1770 before this article, and the current market is quite interesting. Although it hasn’t broken the previous high, the bullish strength is clearly increasing. It's like climbing a mountain; previously it was downhill, but now not only has it stopped, it has started to ascend. The current level is quite critical, in an awkward phase of having pressure above and support below. From a technical perspective, the moving averages have formed a golden cross and are diverging upwards, indicating that the medium to long-term trend has turned bullish. The MACD indicator's bullish momentum has temporarily weakened, requiring vigilance against the risk of a pullback, but the dual lines have not crossed bearishly, and the bullish pattern remains intact. The Bollinger Bands are opening upwards, and prices are currently operating around the middle band at 1769, which constitutes a strong short-term support. As long as the price does not effectively fall below the Bollinger middle band, the overall rising channel remains intact.

Short-term point references:

Buy point 1750, defense 1700, stop loss 1650, target 1800 aiming for 1850.

Sell point 1820, defense 1860, stop loss 1900, target 1780 aiming for 1730.

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