The cryptocurrency market is full of opportunities and challenges. We need to maintain a clear mind at all times to avoid being influenced by short-term market fluctuations. It is inevitable to encounter some setbacks in the crypto space. We must understand that every difficulty we face is a stepping stone towards success. We should learn to view problems with a long-term perspective; without taking small steps, we cannot reach great distances. The road to success is destined to be winding and long!
Feiran's Cryptocurrency Analysis on July 29 (Written at 11:30): BTC Market Analysis and Trading Suggestions:
The price of Bitcoin has remained very stable in recent days, continuing to maintain a wide range of fluctuations under pressure from both sides. The weekly chart is currently showing a small bearish candle, and the balance between bulls and bears has led to Bitcoin's high-level consolidation. The Bollinger Bands on the daily chart are rapidly narrowing, and the MA5 and MA10 moving averages are severely converging. The price is repeatedly bouncing around the middle band of the Bollinger Bands. In the absence of external news stimuli, Bitcoin is likely to continue this fluctuating trend.
On the 4-hour chart, the Bollinger Bands are tightening, and the MACD indicator is continuously decreasing in volume, indicating that market sentiment is leaning towards a wait-and-see approach. During the day, we should focus on the resistance above 119,500 and the support below 117,500, with a short-term strategy of shorting at high prices and going long at low prices.
BTC Daily Trading Suggestions:
Short near 119,500 on a rebound, add to the position at 120,000, with a target of 118,000-117,500 and a stop loss at 120,500.
Long near 117,500 on a pullback, add to the position at 117,000, with a target of 118,500-119,000 and a stop loss at 116,500.
ETH Market Analysis and Trading Suggestions:
After Ethereum reached a new high yesterday, it continued to seek support downwards this morning. Currently, on the 4-hour chart, it has been closing with long lower shadows around 3,750, indicating that initial support has been found below. This wave of 200-point pullback has reached around the 50% Fibonacci retracement level, basically meeting expectations. During the day, we need to pay attention to whether it can stabilize around 3,750. Once stabilization occurs and the momentum shifts, it remains a bullish market.
ETH Trading Suggestions:
It is recommended to go long on a pullback between 3,730-3,750, targeting 3,850-3,900. If it breaks above, reduce the position and target 3,950, with a stop loss at 3,680.
The strategies in this article may have a time lag and are for reference only. Please view them rationally, and you are responsible for your own profits and losses!
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