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7.01 Morning BTC/ETH General Market Analysis
After the earlier surge and pullback, a deep correction occurred. After hitting short-term support at the lows, buying momentum recovered. On the 1-hour chart, the moving averages are turning upward, forming a golden cross. MA5 crosses above MA10 and MA20, forming a double golden cross. During the rebound phase, volume is moderately increasing on up moves and decreasing on pullbacks, indicating that bearish selling pressure has been temporarily exhausted. The overall structure shows a bottoming, recovery, and rebound pattern. The long-term monthly bearish trend remains unchanged. Short-term operations should focus on long positions at lows, with only light short positions at resistance levels.
In the 1-hour cycle, the high of this rebound is ETH 1636.85 and BTC 60765.5, while the low of this pullback is ETH 1549.97 and BTC 57770. The current price is above all short-term moving averages, with MA5, MA10, and MA20 transforming into a multi-layer support zone. The previous high above serves as a strong resistance watershed. Only a breakout above it will allow further rebound space; otherwise, it will revert to a volatile downtrend.
ETH Key Levels
Support: 1575, 1550; Resistance: 1600, 1636
BTC Key Levels
Support: 58760, 57770; Resistance: 59850, 60765
ETH
1. Enter long on a pullback to 1575-1580, stop loss below 1549; first take profit at 1600, second take profit at 1636
2. Enter short on a rebound to 1620-1636 under resistance, quick in and out; do not hold short positions for long
BTC
1. Enter long on a pullback to 58780-58900, stop loss below 57760; first take profit at 59850, second take profit at 60765
2. Enter short on a rebound to 60500-60765 under resistance, short-term play for a pullback; exit directly upon reaching support
‼️ The above content is solely a technical chart analysis reference and does not constitute any investment advice. Virtual currency trading is highly volatile and extremely risky. Please manage your position size and trade with caution. $BTC