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 21, 14:50 Beijing time
Market Information
- The listed company Vaultz Capital increased its holdings by 20 bitcoins, bringing the total to 70 bitcoins;
- A certain whale closed its ETH short position and instead opened a long position worth $116 million with 15 times leverage;
- Federal Reserve Chairman Jerome Powell will speak on July 22 at 20:30;
- CITIC Securities: The U.S. stablecoin bill has been implemented, and loose regulation is favorable for market expansion;
- CITIC Securities: Trump is "playing the bad cop," while Bessen is "playing the good cop," with a low probability of a Fed rate cut in July;
- The probability of the Fed maintaining interest rates in July is 95.3%;
Market Review
Previously, we mentioned that Bitcoin and Ethereum bulls are strong. Although there have been a few days without updates, the previous direction was correct. As of now, Bitcoin has surged to a peak around 123,300, while Ethereum continues to refresh its highs, with the current peak around 3,826;
Market Analysis
Ethereum
Looking at the chart, Ethereum's upward momentum on the weekly chart is unstoppable, with two consecutive weeks closing with large bullish candles. This closing pattern fully demonstrates how strong the bulls are. Recently, many institutions and listed companies have been purchasing Ethereum, leading to this continuous rally. When Bitcoin was rising earlier, Ethereum's performance was poor, and it is currently catching up. On the chart, after breaking through the short-term resistance at 3,530, the next significant resistance is around 4,000. There was a double top previously. Those holding long positions can move their stop-loss up to hold. For those not holding, avoid shorting for now and consider shorting Ethereum when it approaches 4,000. In trading, it is recommended to go long on pullbacks for Ethereum, or wait until it reaches the 4,000 resistance before considering a short. Manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses;
Bitcoin
On the weekly chart, Bitcoin closed with a high-position shooting star. This type of closing generally indicates a pullback signal. Although Ethereum is surging, we need to distinguish between the major and minor players; Bitcoin is still the market leader. There are not many opportunities for Bitcoin to follow Ethereum. Here, Bitcoin can attempt a short position with a light position. From a short-term perspective, there is some pressure around 120,000, so we can position ourselves around 120,000, with a stop-loss at 121,500. The initial target is 117,500, and if it breaks below 116,300, we can look at around 113,600. Manage your entry opportunities; short positions should only be attempted with a light position, and always set a stop-loss. Although a short signal has appeared, the market is not absolute and requires further confirmation; for short-term trading, control risks and manage your own profits and losses;
In summary:
A short signal has appeared for Bitcoin, which can be attempted with a light position, while shorting Ethereum is not recommended;
The article is time-sensitive, be aware of risks, and the above is only personal advice for reference!
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 going, every person in the crypto world.
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