Hot topics of Master Chat:
The next interest rate cut in the United States will cause market funds to expand again. Once the big thunders of Mentougou and various governments are completely lifted, those who should be sold will be sold and those who should be kept will be kept, and the market will once again prove its ability to withstand pressure and flow.
In addition, the Ethereum ETF is basically a matter of this week. The deadline for submitting revised ETF S-1 was yesterday. Experts such as Bloomberg analysts and ETF store presidents have predicted that the time node is this week of July 15th.
Grayscale ETHE's negative premium is no longer just small, it has now turned into a positive premium of 0.31%, so there are basically no surprises this week.
However, Ethereum's trend is relatively average. The ETH/BTC exchange rate has been falling since last week and is currently only 0.052, a significant drop compared to the recent high of 0.057.
This also shows that the market's expectations for Ethereum ETF are still bearish in the short term. After all, Grayscale ETHE currently holds 2.96 million ETH spot, worth $8.8 billion. If GBTC smashes it in half, it will not be easy to catch it with the current depth of Ethereum.
Master looks at the trend:
BTC 4 hours:
Bitcoin is currently showing a large positive line and has entered a correction range after breaking through the 120-day moving average.
Therefore, today's trading will be based on the 120-day moving average and the downward trend line. When it is close to the current breakthrough of the downward trend line, it can be preliminarily judged as an upward N-shaped fluctuation, and further increases can be expected.
Currently, the 120-day moving average at the 1-hour level is considered to be an appropriate range for a pullback, so today I will pay attention to the trend of the 120-day moving average and observe whether the trend turning point is successful.
Resistance level reference:
First resistance level: 57250
Second resistance level: 57800
When the price breaks through the first resistance level, it is expected that the bulls and bears will attempt to switch, which may also increase the view of further upward movement.
Due to the small trading volume, it is not suitable for breakthrough trading. Therefore, I suggest waiting in the callback range after the breakthrough to see whether the first resistance becomes support before intervening in the position.
Support level reference:
First support level: 56700
Second support level: 56000
If the first support level is maintained, the market will maintain the view of rebound. If the resistance of the downward trend line fails to be retested, it can be judged as a callback range.
The first support level is also a good risk-reward range. If the price of the currency falls further, it will be necessary to respond at 56K.
Today's trading suggestions:
In today's trading, Bitcoin may try to change its trend, and we can still maintain a bullish view in the short term. After breaking through the resistance zone, wait and see whether it becomes support before intervening in the position.
During the rebound, we can take 57K as the first target. If it falls below again, there may be further adjustment and decline. At the same time, we should also observe the lower shadow of the K-line.
Please refer to these suggestions when trading
7.9 Master's short-term pre-buried order:
Long entry reference: 55600-56000 range, long in batches, defense 500 points, target 57250-57800
Reference for short entry: short in batches between 57800-58200, defense 500 points, target 56700-56000
