#BTC#ETHmarket analysis: The positive news has been released, and the previous high has not been broken! Whether it can break through the key position tonight will determine the subsequent shock range!
Time has come to the last trading day of this week again. The important narrative nodes of this week are basically about to be released. Tonight’s non-agricultural data will be the last data that can be played.
Whether the BTC price can break through the key position tonight will also determine the subsequent range of fluctuations. Whether it is the overall range of daily fluctuations or the lower track of the daily line, there is a big difference.
At the same time, overall, after the release of all the good news, the BTC price did not test the previous high of 72,000. If the market's trading rate cuts next week fail to push up prices again, we will face a volatile downward market.
BTC
The key position is 65,700. This position is the key position of the weekly mid-line that has been used in the past two weeks. It is also the position where the daily mid-line stays.
Whether this position can be broken through and stabilized tonight will determine the price fluctuation range. If the position is broken through, BTC can fluctuate in the daily range of 62,400-69,400.
If it fails to break through, the price will remain within the lower Bollinger Band and its range fluctuations may be limited to the 62,400-65,700 range.
At the same time, it should be noted that if the price fails to break through and keeps oscillating on the lower track of the daily Bollinger Band, it will bring more pressure to the weekly line and even increase the possibility of falling below 62,400 and continuing to fall.
The BTC daily line range is 7200 points, and the trend is gradually tightening. According to the daily trend, it is expected to face a daily level breakthrough next weekend.
RSI: Index is 49.5. Compared with yesterday's increase, the index remains neutral overall.
ETH
Pay attention to the 3370-3100 oscillation range. Due to the selling pressure in the ETF market, ETH has been weak recently. Overall, it is still oscillating in the lower track of the daily line. Don't make too many optimistic expectations for the time being. The recovery of ETH needs to pay attention to the selling rhythm of Grayscale.
RSI: 38.33 The index is weak and not far from the oversold mechanism of 30. If the price continues to drop to around 3100, it will usher in a short-term oversold rebound.
Summarize:
Last week, our original expectation was whether the various narratives this week could help BTC break through 72,000 or test this position. However, at present, except for tonight’s big non-agricultural data, it seems that the price trying to test this position is out of reach.
And there are fewer narratives available afterwards. Unless the trading expectations of rate cuts increase, it seems difficult to test the 72,000 position again in the short term, so for now we can continue to focus on range fluctuations.
Once the price fails to break through the key position of the daily middle line, and the price continues to run on the lower track, we will return to the last 31 consecutive days of oscillating downward trend from June 11 to July 12. At that time, the continuously moving downward Bollinger Band middle line will suppress the price rebound height, causing the price to continue to oscillate downward.
I hope tonight's data can serve as an opportunity for a breakthrough.
#BTC☀ #ETH🔥🔥🔥🔥 $BTC
