Yueying: July 7th Bitcoin and Ethereum Market Analysis - Monthly Candle Closes as Bearish Entity, Will the Bearish Trend Continue? Check Out Today's Analysis!

Bitcoin Technical Analysis ————
On the daily chart, Bitcoin faced resistance at the 7-day moving average, closing as a bearish entity. After opening, it touched the lower band, hit a new low, and then rebounded to retest the 60k level. The Bollinger Bands are opening, and short-term moving averages are pointing downward. The MACD fast and slow lines are converging upward, with the red histogram slightly increasing. The KDJ indicator found support at 0 and is turning upward. The VR indicator is consolidating around the 60 level. On the 4-hour chart, the price is consolidating at the lower band, finding support, and the candlestick is rebounding upward, currently trading above the middle band. The Bollinger Bands are parallel, and short-term moving averages are slightly turning upward. The MACD fast and slow lines are crossing upward, with the red histogram increasing. The KDJ indicator is extending upward; pay attention to resistance around the 100 level. The VR indicator is consolidating around the 60 level. Overall, the price briefly broke the previous low but recovered, with limited rebound momentum. It continues to show a weak bearish structure, and the current strategy can remain unchanged. In the short term, pay attention to resistance around the 61,500 level. After breaking below the 58,000 level, further lows are expected. First, continue to watch support around the 58,000 level, and trade around the support and resistance levels. If there is an accelerated move, wait for a breakout before adjusting. Check the short-term suggestions.

Bitcoin Short-Term Suggestions: Long at 58,600, Short at 61,000 (Trade at your own discretion once the strategy is activated)

Ethereum Technical Analysis ————

The Ethereum short position at 1,630 mentioned above has achieved a move of about 80 points. On the 4-hour chart, after finding support at the lower band, it has sharply rebounded with a strong bullish candle, currently trading around the upper band and the 60-day moving average. The overall technical trend is aligned with Bitcoin for reference. Bitcoin made a new low, but Ethereum is relatively resilient, which might be an illusion. Whether it will catch up with the decline or truly remain resilient is still unknown. Short-term resistance is around 1,680, and support is above the 1,500 level. Check the short-term suggestions.

Ethereum Short-Term Suggestions: Long at 1,530, Short at 1,650 (Trade at your own discretion once the strategy is activated)

—— I am Zhou Yueying, a teacher specializing in technical analysis. If you have any issues with operations or trends, feel free to communicate and learn with me! Let's share and profit together! #Sharplink增持1万枚ETH $BTC ‌