#BTC#ETHmarket analysis: The daily average line is accelerating downward, and the upper limit of the rebound is constantly not suppressed. If it cannot break through, it will test the weekly support! The market needs volume activation!
After the decline after Wednesday's CPI data, and stimulated by last night's economic data, BTC has no motivation to break through the upper resistance level for the time being. Yesterday, we basically confirmed the trend of oscillating downward.
At present, we will not try to see the bottom of the correction. Let's simply look at the cyclicality of the lower track of the daily line. At the same time, the market currently needs to activate selling pressure, and also needs to activate buying volume at key points, otherwise everyone will have to face the torture of shocks during this period.
The daily line accelerated downward movement, and the point adjustment:
BTC, 53,000-60,600 daily line lower track range, and 60,600 is also the key resistance of the daily line. The key support for retracement depends on the situation around 56,000 on the weekly line.
The short-term rebound resistance is at the 59,600 hourly level, and the retracement is at the 56,700 hourly level.
RSI: Index is 45, which is slightly higher than yesterday, but the effect is poor and can be ignored for the time being.
ETH, 2180-2780 daily line lower track range, at the same time 2780 is the key resistance point for daily breakthrough, and the key support for retracement depends on the weekly line 2500.
The short-term resistance is at the 2630-2650 hourly level, and the retracement is at the 2530 hourly level for support.
RSI: Index 40, basically the same as yesterday, ETH sentiment is poor.
Summarize:
According to my expectations, the lower track of the daily line needs to continue for a period of time, and the lower line trajectory of the daily line will gradually stabilize and no longer fall. Then the 53,000-60,600 range will be continuously compressed during the oscillation, and then there will be two situations for the change in the market.
1. The price tests the lower support and rebounds, or breaks through and continues to fall, or the amplitude of the lower daily track gradually shrinks, and there are signs of a compression breakthrough on the daily technical line. This breakthrough needs to be judged according to the situation whether it is an upward breakthrough and rebound or a downward break.
2. With the compression of amplitude, the market gradually fades in the oscillating market. Key positive news or sudden positive news activates the market buying volume and brings key breakthroughs, thus changing the oscillating downward trend. You can refer to the breakthrough brought by the attack on Trump around July 12, and the current market can also refer to the lower track oscillating market from June 11 to July 12.
The best way to trade spot at present is to wait. Contract traders can make fluctuations according to the hourly level. In the case of a fluctuating downward trend, shorting at high levels is a common method I used before. Of course, there is a probability of missing out. This is a matter of personal operation style. Don’t blindly follow suit (this time I successfully missed out by shorting at 62,000). How to place a position has been given a hint at the above points. Of course, the hourly level will change according to time. Pay attention to the difference.
#BTC☀ #ETH🔥🔥🔥🔥 $BTC