"July 1 Market Analysis: Washout or Continued Decline? Watch Key Resistance Levels!"

On the first day of July, there was a fake breakdown move. On the Bitcoin daily chart, after a small new low, it pulled back above 58k. So, can we look bullish again at the current position?

First, on Bitcoin's hourly chart, after breaking the rising trendline, it retested the trendline but failed to reclaim it. At the same time, this area is near the midpoint of the previous day's daily bearish candle: around 595, which is a key resistance level. That is to say, if the bounce does not surpass 595, be cautious of a pullback.

$BTC Watch how the 594-595 resistance level reacts. If you opened a short and got trapped, the 60100 level is the resistance to add to your position and escape. No matter where you short, the stop loss is the hourly close above 61000. The 61000 level has been mentioned since last week; if it doesn't break above, it will be hard to stop the decline.

$ETH The 1585 level has also been mentioned last week. Currently, on the 15-minute chart, there are signs of breaking through this level, and there is also a double bottom pattern. If liquidity is good, a bounce is expected around 1580-1585. For any long position on smaller timeframes, the stop loss is below 1550. Targets are resistance above at 1605-1627.

$SOL Solana's price action is the most resilient. The dividing line for this resilient trend is that the 72 level should not be broken. Once 72 is broken, it can be judged that the trend has turned from strong to weak, and you can start considering shorting on bounces. Support on smaller timeframes is in the 73.5 consolidation zone. Do not consider shorting until it reaches the daily resistance at 79.2. Solana's resilient run still has some way to go!

In summary, for Bitcoin's current trend, during the day, focus on whether the downside bounces. After the evening opening, see if it wicks to key daily resistance levels, such as 595 or 601, before shorting. Grasp this rhythm. No matter where you short, once the hourly close goes above 61000, you should wisely exit. The shorting here is betting on a continuation of the daily decline. The sign that the continued decline is over is a big bullish candle that blasts through the 61000 level!