2024.7.10 Market Analysis
News: The German government has been selling off since the beginning of this month. The German government has sold more than half of its 50,000 BTC, and now only 23,700 BTC are left. There is no news of selling off in the Mentougou incident. There are still 5 days before the end of the European Cup, when the funds of institutions and gamblers will slowly return to the cryptocurrency circle. Citibank is rumored to cut interest rates in September. Regardless of whether the news is true or false, from a cyclical point of view, there will definitely be a big rise in the market from September to November! The probability of Ethereum ETF being listed this week is very high. In this case, Ethereum may rebound in the short term before falling, because it does not have the conditions for a big rise.
Technical: Since the single needle bottomed out at 53,485 on July 5, the market has rebounded, reaching a high of around 58,475. However, the support that failed to fall above many times instantly became pressure. From the weekly level, it is necessary to continue to wash the market, and the MACD fast and slow lines will still come down near the zero axis. Turning up is the signal of a reversal. The daily level is currently oscillating around 54000-58400. The Ant Channel has only been on a downward trend for 18 days. The time is not enough. It is expected that there will be one last drop. It is not far from the bottom! The 4-hour level rebounded, but it is not a reversal. The short-term support is around 56930. The downward trend is oscillating. It is not advisable to blindly look at it. Wait for a clear signal from the bottom of the 4-hour to buy it! #BTC下跌分析 #ETH #BTC