Market Review:
Yesterday, during the Asian trading hours, there was a slight pullback, with a decline of over 1000 points. The price repeatedly tested the 74500 level without breaking it. In the evening, as the U.S. market opened, influenced by recent favorable factors, Bitcoin started to rise again, reaching a new minor high with an increase of over 2000 points. At the same time, a significant defense line formed at the 74500 level, showing high-level fluctuations!
Technical Analysis:
BTC: The favorable factors have materialized as expected, and the market reached a new minor high last night. The upward momentum is relatively weak, and the performance is somewhat lackluster. In the past two days, the daily chart showed a significant increase, with the deviation rate being excessively high, indicating a strong demand for technical adjustments. On the 4-hour chart, after a substantial increase, the overall performance showed slight upward fluctuations. During the Asian trading hours, it was mainly in a pullback state, while the U.S. trading hours saw strength, with the bottom position continuously rising. Apart from the selling pressure from profit-taking, there are currently no other factors suppressing the market. Key focus today is on yesterday's low point at the 74500 support level, which can serve as an important reference defense line for whether the recent market will enter a major pullback! On the upside, key attention should be paid to the pressure at the 76300-76800 level, where a conservative short position might be attempted!
ETH: Ethereum's performance remains relatively strong, with the 4-hour chart riding on the 7-day moving average all the way up. This morning, it just tested the weekly MA30 moving average at the 2950 level before starting to pull back! On the daily chart, after a significant rise, whether it continues to rise or high positions are sold off, an adjustment process is needed! Approaching the 3000 point, Ethereum will face selling pressure from trapped positions before August. Even if it continues to rise, aiming for new highs, Ethereum will need to digest the selling pressure above through multiple upward attempts to accumulate energy for further rises. Recently, Ethereum's operations can focus on the signals of selling pressure above for high selling and low buying, with a key focus on short positions after the 4-hour chart's peak and pullback. In daily operations, key pressure levels to watch on the upside are 2920-2950, while key support levels to watch on the downside are around 2840, with a significant defense focus on the 2780 level in the short term.
Altcoins: The overall upward trend is still maintained, but it has basically reached the previous high points. Today's performance is relatively weak with slight adjustments, which is a normal performance. It is still possible to hold onto coins and wait for a rise, but it is not suitable for further buying.
