July 8 BTC/ETH Market Analysis



From a technical structure perspective, after a series of consecutive bullish daily candles, a transition to bearish correction has occurred. The original downward trendline has basically been severely broken; however, amid a winding, oscillating uptrend, the retracement space is relatively larger. Still, the overall impact is not too significant. Within a smaller timeframe, after the market probes the lows and rebounds, the moving average indicators begin to spread upward as well, driving bullish momentum to release upward. After the pre-dawn spike and subsequent pullback, we still should continue to take advantage of the pullback and follow through. This rhythm mainly depends on the strength of the continuation in the afternoon. Go long first in the morning. If the bulls are likely to continue in the afternoon, we go long again with high probability; if they do not continue, then take the afternoon pullback and follow.

Trading suggestions:
For BTC, long near 62500—62000, target near 64000-64900

For ETH, long near 1735—1710, target near 1800-1835
$BTC $ETH
BTC2.93%
ETH2.22%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 1
  • Repost
  • Share
Comment
Add a comment
Add a comment
PrincessQingyue
· 07-08 02:36
July 8 BTC/ETH Market Analysis

From a technical structure perspective, after consecutive bullish days, the daily chart turned bearish for a correction. The original downward trend line has basically been severely damaged, but with a roundabout pattern of consolidation and rising, the pullback room is relatively larger; however, the overall impact will not be too significant. Within smaller timeframes, after probing the lows and rebounding, the moving average indicators have started to spread upward, driving bullish momentum to release upward. After the early-morning surge and pullback, it still remains a matter of taking the pullback and continuing to follow through. This overall tempo mainly needs attention to the strength of continuation in the afternoon. Go long first in the morning. In the afternoon, if the bullish continuation is strong, it is still likely to go long; if it does not continue, then take the afternoon pullback and follow through.

Operation Suggestions:
BTC is near 62500—62000 “哆”, target around 64000-64900

ETH is near 1735—1710 “哆”, target around 1800-1835
$BTC $ETH
View OriginalReply0
  • Pinned