The last key position, is it the end of consolidation or the beginning of a correction?
7/29 Share:
BTC market analysis: Since the rebound from the break in early July, the market has been very tight. Soon after the daily bullish structure appeared, it quickly rose to the structural target of 653-702. It has been in this heavy pressure zone for more than half a month. Generally speaking, when the structure reaches the target position, there will be two subsequent situations: 1. The expectation of a correction or consolidation to continue to rise, 2. The expectation of a reversal of the same cycle structure and a reversal and continued decline. Whether it is the former or the latter depends on the direction of the larger cycle. So whether it is a rebound or a reversal here, the key position is still the 702-720 mentioned earlier in late May and early June. For the weekly line, 72144 is the final defense point of the weekly short structure. In other words, once this point is broken, the established weekly short structure is destroyed, and the logic of short selling is destroyed. In summary, the most critical resistance level has arrived, and the selling zone is looking for selling points, so here are two trading opportunities: 1. Short on the left side of 702, stop loss 72144 (weekly second highest), make the first profit stop near the profit-loss ratio of 1:1 (pull it yourself), and finally stop profit and wait for the structure to be confirmed; 2. After the market touches 702, there is a short structure of more than 15 minutes to enter the market on the right side to short, preferably with a 1/4 hour level short structure.
Here I would like to mention eth. eth is indeed weak, and the big cake structure is almost finished. It still has a goal to be achieved. Although it is weak, it is not recommended to short near the current position, because there are long goals to be achieved, and the large short structure has not come out, which belongs to the contradictory range.
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