📈Market Overview (2024.7.7):
🔄Trend review: After experiencing a sharp decline recently, Bitcoin has gained solid bottom support at the key level of 53,500. The significant lower shadow line on the daily K-line chart reveals the strong short-term bottom resistance, and yesterday's big positive line is the short-term bottom signal that the market is expecting. The current price is hovering near the 5-day moving average.
📊Technical analysis: The current moving average system still points to the short market, coupled with the continued impact of policy trends in the United States and Germany and the Mentougou incident, the overall market sentiment is biased towards caution. In particular, Germany holds a large number of low-cost Bitcoins, and its selling behavior may be less subject to market fluctuations; as for the compensation Bitcoins in the Mentougou incident, it is expected that most holders will choose to sell on highs, further exacerbating the downward pressure on the market.
🚦Future Outlook: The next trend of Bitcoin is expected to maintain a low and volatile trend, making it difficult to achieve a strong rebound immediately. The market needs to wait for the moving average system to stabilize and the downward momentum to significantly weaken before it is expected to usher in an upward breakthrough attempt. In view of the rapid decline in the early stage, a large number of chips were trapped in the 60,000 to 63,000 range, and this area will become an important resistance band for the future upward trend.
🌈Altcoin Observation: In the rebound wave, the most eye-catching performances are still those tokens with strong market maker background and MEME attributes. If you want to choose among many options, you should focus on the strong market targets in the MEME sector. Such assets can often better attract market funds and attention.
🔢Intraday strategy: Bitcoin’s intraday support level is set at 56,500, while the upper pressure is focused on 60,000. Investors need to pay close attention to market dynamics and respond flexibly.
