Yuying: Bitcoin and Ethereum market analysis for today at 7.2. The monthly line closes with a solid bearish candle, will the downtrend continue?

CN
3 hours ago

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The more diligent you are, the harder you work; the more self-disciplined you are, the more excellent you become. I am Zhou Yueying, focusing on the trend analysis of mainstream currencies, providing insights based on my technical understanding of the market.

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Bitcoin Technical Analysis————

Bitcoin's daily chart shows the previous K meeting resistance with an entity of a bearish candle, after touching the lower track to hit a new low, it has rebounded to test 60,000 again. The Bollinger Bands are in an opening state with short-term moving averages arranged downward, the MACD fast and slow lines are converging upwards with a slight increase in the red volume bars, and the KDJ is supported at the 0 level and turning upwards, while the VR indicator is consolidating near the 60 level. The four-hour view shows the market consolidating at a low position supported by the lower track, the entity candle is rebounding upwards and currently operates above the middle track, the Bollinger Bands are parallel with the short-term moving averages slightly turning upwards, the MACD fast and slow lines are crossing upwards with increasing red volume bars, and the KDJ is extending upwards while being mindful of resistance near the 100 level; the VR indicator is consolidating near the 60 level. Overall, the market has slightly broken through the previous low and recovered, but the rebound strength is limited, continuing to show a weak downward structure. The strategy remains unchanged for now, with immediate resistance around 61,500 and potential low points below 58,000, after a false break below 58,000, there may still be lower points. Continue to focus on the support around 58,000 while adjusting trades around resistance and support in the short term, waiting for a breakout for further adjustments. Watch short-term suggestions.

Short-term Bitcoin suggestion: long at 58,600, short at 61,000 (strategy activation is at your discretion for profit)

Ethereum Classic Technical Analysis————

Ethereum Classic's previous analysis at 1,630 short has yielded about 80 dollars of movement. The four-hour chart shows the market supported at the lower track with a large bullish candle stretching upwards, currently operating between the upper track and the 60-day moving average. The overall technical trend is linked to Bitcoin for reference. Bitcoin has made a new low, while Ethereum Classic is relatively resilient; it may be just an illusion—will it correct further or is it truly resilient? This remains uncertain. Short-term resistance is around 1,680, support is above 1,500, watch for short-term suggestions.

Short-term Ethereum Classic suggestion: long at 1,530, short at 1,650 (strategy activation is at your discretion for profit)

——I am Zhou Yueying, a teacher focused on technical analysis. Friends with questions about trading or trends can communicate and learn operations with me! Let’s share and profit together!

There is a delay in article publishing and review; market situations change rapidly, and the above suggestions are for reference only at your own risk! The market changes drastically every day, and what I can do is use my years of practical experience to provide some slight help to guide your investment decisions and management on the right path. Meeting is a matter of fate; I am someone who believes in fate. If you have any doubts in the cryptocurrency circle, you can pay more attention to Zhou Yueying; I believe it will help you.

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