Let’s continue with the useful stuff, let’s analyze it first!
★ SOL and BTC both appeared close to the overbought range on the daily chart.
★ ETH ETF will open for trading tonight.
🔹 The SOL weekly line broke through 189, and the OBV weekly trend showed signs of turning downward, indicating that there is a risk of a correction. Support can be seen at the bullish defense point near 155.
🔹 BTC encountered resistance at the lower edge of the selling pressure zone, with support around 60780
🔹 ETH's support is 3140, and the demand zone is between 2810 and 2860. In recent days, a large amount of ETH has been transferred to the exchange, and there may be a lot of selling pressure when it opens tonight.
【Technical Analysis】
❶K-line pattern:
Prices have been fluctuating upward recently, especially the strong rise since July 15.
A large positive candlestick appeared on July 19, followed by a period of high volatility in the following days.
❷Technical indicators:
➫ MACD: MACD has crossed above the zero axis. The MACD histogram shows that the bulls are strong, but there are signs of weakening.
➫ RSI: The current RSI value is 64, close to the overbought range, and there is a risk of a pullback.
➫ EMA: Short-term EMA (7) > Medium-term EMA (30) > Long-term EMA (120), the overall trend is still upward.
❸Trading volume:
➫ Trading volume increased significantly on July 19 and then decreased in the following days, indicating that market sentiment gradually cooled down.
➫ The US government intervenes, because the news will directly affect the trading volume, negative sentiment: the Mentougou incident + the US government have a double impact, and the morale of the multi-army will suffer!
The main funds have begun to become active, and whether the short-term funds can continue to grow has become the key.