7.31 Wednesday, Bitcoin afternoon market insights
After a round of declines, the market continued to trade sideways at a low level. Since the price of the currency fell to 65,300 in the morning, the market has not given much movement so far. The idea of rebounding and shorting was given in the morning, but there are not too many opportunities to enter the market at present. Yesterday, it was bearish all the way, and it also received 2,500. Profit space in the middle of the day. The current market trend is weak, and the bearish idea can still be maintained in operation.
The market fell back and touched the support of the middle track of the daily line, but from the daily trend, the decline will continue. The KDJ and MACD indicators in the attached figure are both in a bearish pattern and extend downward. At present, the main direction is still bearish. It will take some time to break through. Once it breaks through, it will be another round of 4,000 points. At present, the market is forming a shock rhythm at a low level in the 4-hour trend. The short-term may be accompanied by a rebound, and the downward trend will stop. Therefore, the short-term focus will be on the rebound first, and the suppression of the 67,500 area will be observed. If it does not break, it will be treated as bearish in this area!
On Wednesday afternoon, it is recommended to short Bitcoin around 66800-67200, and the target is 65000-64000.
On Wednesday afternoon, it is recommended to short Ethereum around 3350-3370, and the target is 3250-3200.
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