July 12-13 Bitcoin (BTC) Ethereum (ETH) Market Analysis [Bitcoin Weekly Analysis]

【Two Cakes】
Monthly line of the second coin (Figure 1): Today I will discuss the monthly line situation of the second coin. I am using the reference standard of the bear market in 2021 for the second coin. At the beginning of last year, we could see that the second coin successfully crossed the 618 position (marked in the figure by the two-month k) at the rebound point of the bear market, and accurately reached the 4000 position at the peak (double top), confirming the oscillating market. Therefore, we saw that later the second coin went to test 2400 and 1800. It oscillated between 4000 and 1800 on the monthly line, defining a bull market for 25 years. I still expect to see 4000 within the year, as for the second phase target, it has never changed (3300-3400).

But we need to be aware of one piece of information, which is that the ecological environment of the altcoin is not as good as that of Bitcoin. It is often subject to off-market factors that can lead to extreme market conditions. For example, in February's market, the price of the altcoin is more easily manipulated.

Finally, let’s talk about why a 21-year reference standard is used. The longer the cycle, the more accurate the price indicator technology becomes; this is an unchanging truth of the market. As for order book data, it is only utilized at levels below a minute. The rest depends on your own beliefs, for example, if Beileiti buys, you buy, and if he sells, you sell, and so on?

The weekly chart of the second coin (Figure 2): Since the second coin has surpassed the 2700 recovery line, we will continue to look at the stage target positions of 3300-3400. The 2700 recovery has turned into a dividing line between bulls and bears. This position is the same as the big coin at 110000. When the second coin retraces, it must not effectively break below this position; otherwise, the second coin will return to the previous stage, which we refer to as the 2nd wave consolidation phase. The reference points for this retracement are the previously mentioned 2400, 2200, etc. Additionally, there is a strong and weak line at 2840 above 2700. When this position is broken, focus on the consolidation and bottoming of the yellow line.

Currently, in the weekly chart of ETH, apart from the Bollinger Bands encountering resistance, the other indicators have not yet shown any signs of a pullback. The MACD is exhibiting a probing action below water, and it is highly likely that it will need to challenge higher positions. Let's check the daily chart later to see if there are any expectations for a pullback during the day.

Two Coin Daily Line (Chart Three): The Two Coin on the daily level has already shown a top signal, indicating an expected pullback. Firstly, the VCD has shown a top divergence signal, which is generally caused by lc making a sell action.

However, indicators like KDJ and RSI have shifted from a dead cross to a sideways development, likely influenced by weekend liquidity. Attention should be given to the development of the pullback near the 2910 line at the beginning of next week. If this position breaks down on the hourly level, it will confirm the pullback, and at that time, focus on the strength line near 2830 on the weekly chart.

Er Bing intraday: On the 4-hour level, Er Bing's KDJ has shown a golden cross test expectation, but various indicators on the hourly level have shown slight pullback risks, with the expectation of a probability of retesting 2910.

However, the downside is that there are large pending orders at 2900, and it will still be necessary to observe the possibility of price spikes in conjunction with market data and speed. For example, if the second coin approaches 2900 and the large pending orders diminish, it might indicate that some orders are being canceled, which could increase the probability of a price spike, making it a potential opportunity.

Resistance levels: 2980, 3020
Support Level: 2910