Analysis of Bitcoin and Ethereum Market on Friday Night, July 12
A Brief Discussion on Bitcoin (BTC) Market
Market Structure Analysis
The intraday trend structure is relatively circuitous, and both long and short forces have failed to form obvious continuity. After Bitcoin surged overnight, the bulls peaked and fell back.
The high point test pressure is at $69,700, while the low point support area is at $56,500. In the short term, the price is still adjusted around this line.
Technical Analysis
From the current trend structure of Bitcoin, the technical structure of the M top pattern is still valid. The $58,500 line is the neckline area of the structure and the watershed between long and short.
It has been emphasized many times that if the rebound fails to stabilize here, the short trend will not change, and the high point of the rebound can be shorted.
Although this week's CPI data is bullish, the market panic is strong, and the interest rate cut news has not been announced in advance. The market generally expects that the interest rate cut in September will still be the mainstream. In the medium term, the retracement may continue.
Operation suggestion
Entry point: short Bitcoin rebounds to $68,500
Target point: $66,500
Defense point: $69,000
A brief discussion on Ethereum (ETH) market
Market structure analysis
Ethereum's trend is synchronized with Bitcoin, and it has failed to form a sustained upward momentum in the recent rebound. Market panic also affects its price trend.
Technical analysis
Ethereum is also under pressure during the rebound, with the high point tested near $3,140. If the rebound fails to break through and stabilize here, it can be shorted at the high point.
Operation suggestion
Entry point: short Ethereum rebounds to $3,140
Target point: below $3,000
Defense point: $3,200
Summary
Current market sentiment tends to be panic, and expectations of interest rate cuts are still the mainstream. Bitcoin and Ethereum have failed to form a sustained upward momentum in the short term.
It is recommended to short Bitcoin near $68,500, with a target of $66,500 and a defense of $69,000. Ethereum recommends shorting around $3140, with a target below $3000 and a defense of $3200.
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