Good morning, brothers, Wednesday, July 24th!
1. Review of yesterday's market
The current market has reached a tense period again. The market is always mixed. The market has not seen an optimistic market despite the positive news, but it is still in the prediction. Last week, it was suggested that ETH ETF will be traded through spot trading this week. After the positive news was announced yesterday, the market rose for a while and then entered a correction phase, and then entered a consolidation period, which is basically consistent with the views of Brother Yu’s blog post yesterday.
Yesterday, the opening price of the big cake was 67532, the highest price was 67750, the lowest price was 65441, and the closing price was 65936, with an increase of -2.36% and an amplitude of 3.42%.
Yesterday, the opening price of the second cake was 3439, the highest price was 3541, the lowest price was 3389, and the closing price was 3482, an increase of 1.25% and an amplitude of 4.42%.
Overall, the volatility is relatively larger than the day before, with a range of nearly 4% within the day. Fortunately, it can be recovered quickly after the correction!
2. Today's market analysis
Brother Yu continues to see the market fluctuating during the day. There is a high probability that there will be no sharp drop or surge at the current node. After all, the benefits of Ethereum ETF through spot trading are still fermenting. Referring to BTC ETF, it is mainly adjusted recently, and the market outlook is still bullish. In addition, the negative sentiment of Mentougou also needs time for the market to digest. At present, the price of big cake is around 65700, and the price of second cake is around 3440. In fact, the overall decline of big cake and second cake is not much.
Intraday pressure and support analysis
BTC pressure level 66600-67300-68000
Support level 65000-64200-63500
The pressure level of ETH is 3480-3530-3600
Support level 3400-3350-3300
The intraday market is still dominated by low bulls and high bears. Go long at the support level and short at the pressure level, and strictly follow the profit and loss control operations!
3. Spot sector analysis and recommendations
The current spot altcoins are helpless, and so are all of them. From the overall market perspective, the declines of BTC and ETH are not large, but the spot market has had a bit of a retracement, basically over 10%, which still shows that the liquidity of funds on the market is insufficient and the market sentiment has not picked up. In the short term, both need to enter a repair and consolidation period, but we can still believe in the market outlook, because the current big and small cakes do not have too much volatility, and the spread of good news and bad news shows that the bulls are still very strong.
Yesterday, Brother Yu did not recommend spot trading because the market sentiment was unclear. Today, I am still mainly on the sidelines. I have a large part of my positions. I will only trade the remaining positions after the trend direction becomes clear. Remember one thing: without confirming the market, all you can do is watch more and do less. The more you move, the more you lose. Especially for contract players, you need to be cautious!
