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[Today's Market Analysis - BTC - 7.31]
For educational purposes only in technical analysis, not as investment advice. Profit and loss are your own responsibility.
👉 Plot: The ancestral short position is still there, with no increase or decrease in strength. However, after last night's washout and crash, the short strength has not increased much, indicating that the operators only used a small amount of chips to complete a washout. Then it closed with a pinbar, a typical washout. The current trend is such that when encountering events like FOMC or some important data, it rallies on good news and washes out on bad news. There are no other options. BTC still needs to be patient and wait a bit. Wait for the ancestral short position to be closed.
ETH needs to be stronger, not in terms of price, but in the actions of the manipulators. Last night, the bearish pressure was very very small, and it has almost completely recovered now. We should still wait for BTC; when Bitcoin pulls a bullish candlestick, Ethereum will follow with a strong bullish candlestick.
👉Position:
BTC pullback: 117, 1157, daily top 12
ETH pullback: 377, 373, 365, intraday top 39, 398, 405
🌟Intraday trading idea: Buy on pullback