Cryptocurrency Circle Liying: Latest Market Analysis of Bitcoin (BTC) and Ethereum (ETH) as of July 1

Bitcoin's current price is 58500. The current market is under pressure from above and supported from below, but overall it is weak. Although there have been a few rebounds in between, each rebound's high point is decreasing, indicating that the bears are still in control. The current shape of technical indicators is not optimistic. The moving averages show a typical bearish arrangement, indicating that the overall trend is still downward. The MACD is still in a weak zone and may cross downwards again at any time. The Bollinger Bands are narrowing, with the lower band at 58499 forming short-term support. If the price cannot effectively hold above the middle band and break through the EMA30, it is highly likely to test the lower band again or even break below the previous low of 58030. Overall, the indicators' resonance shows that the bears still hold the initiative.

Short-term strategy reference:

Go long at 58000-57000, stop loss at 56500, target 59000 aiming for 60500

Go short at 60000-60500, stop loss at 61000, target 59000 aiming for 58000

Ethereum

Before this article was published, Ethereum's current price is 1566. To be honest, this market is quite frustrating. It's stuck in limbo, like an ECG about to stop. The main players are washing out impatient retail investors. The short-term EMA7 and EMA30 are almost glued together and are both suppressed below the long-term EMA120, indicating that while the short-term has stopped falling, the medium-term trend is still bearish, with heavy resistance in the 1583-1620 range. The MACD indicator shows a balance of power between bulls and bears, and the market has lost a clear sense of direction, remaining in a state of extremely low volatility. The Bollinger Bands are dramatically narrowing, with the lower band support around 1550 and the upper band resistance at 1624. We need to wait for a large bullish or bearish candlestick to break this balance.

Short-term price reference:

Go long at 1540, defense at 1500, stop loss at 1450, target 1600 aiming for 1650

Go short at 1650, defense at 1700, stop loss at 1750, target 1600 aiming for 1550

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