2024.7.18 Market Analysis

News: Tether issued 452 million USDT yesterday. Hong Kong ETF holdings have exceeded 5,000, a record high, and are still breaking records. More than 36% of Mt.Gox Bitcoins have been distributed to creditors, and whales are still holding more. Ethereum ETF may be listed next week, and there will be a wave of hype at that time. The probability of interest rate cuts in September will increase further.

Technical: The Bollinger middle rail of the weekly level of Bitcoin is blocked near 65,500. If it can break through with large volume, 70,000 will be just around the corner. This week is very critical, whether it can break through depends on this week! After 5 consecutive positive lines at the daily level, a negative line was closed in the morning. The retracement needs to confirm whether the ant channel at the daily level will start an upward trend. It should be seen this weekend. There will be a small correction in the short term at the 4-hour level, supporting around 63,800-62,800. The positive news of Ethereum ETF may also lead to a wave of increases. In terms of operation, the maximum position is 70%, and it is not yet time to fill it up. Wait for further confirmation of a complete reversal to an upward trend before you can go all in! #BTC