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7.2 Thursday Midday Market Analysis.
This round of ETH started a complete rebound wave from around 1565, twice tested support below 1600 with continuous capital inflow, then rallied again to hit a stage high of 1645.87, current price 1636.55, price firmly above the moving averages, short-term bullish structure intact, moving averages continue to provide strong support.
Key resistance and support are clearly defined: above, the first resistance is the previous high of 1645.87; a breakout with volume is needed to open new upside space, with target towards the 1660 range; below, the short-term moving average support is 1620, and the core strong support is 1600, which is the watershed for this double-bottom reversal. As long as 1600 is not broken, the bullish trend will not be damaged. In terms of trading, it is not recommended to chase long with heavy positions at highs. With tonight's non-farm payroll data approaching, market volatility will increase. Avoid high-leverage two-way operations. Wait for the data to land and a clear trend to emerge before adding positions to bet.
BTC trading suggestion: short at 61000-61500, add at 61800, stop loss 62500, take profit 60300-58800.
ETH trading suggestion: short at 1640-1660, add at 1690 take profit 1610-1570 stop loss 1720
• Current price: about 61,813 USDT
• 24-hour increase: +2.71%
• 24-hour range: 59,710 ~ 62,420 USDT
• Today's open: 60,845 USDT
Short-term market brief
1. A rebound occurred during the day; the short-term price jumped from below 60k to around 61.8k, but overall it is still within a significant year-to-date correction range.
2. The prior continuous capital outflows from spot ETFs were the main suppressing factor; today’s rebound has not yet confirmed a trend reversal in capital flows.
3. The crypto market operates 24/7, prices can change rapidly, and short-term support/resistance levels may become unreliable at any time.
Key resistance and support are clearly defined: the first resistance above is the previous high of 1645.87, only a breakout with volume can open new upward space, targeting the 1660 range; below, the short-term moving average support is 1620, and the core strong support is 1600, which is the watershed for this double-bottom reversal. As long as 1600 is not broken, the bullish trend will not be damaged. In terms of operation, it is not recommended to add heavy long positions at high levels. Tonight's non-farm data is imminent.
Key resistance and support levels are clearly defined: The first resistance above is the previous high of 1645.87. Only a volume-driven breakout can open the next upward space, with a target of the 1660 area. Below, the short-term moving average support is 1620, and the core strong support is 1600, which is the watershed for this double-bottom reversal. As long as 1600 is not broken, the bullish trend will not be damaged. In terms of operations, it is not recommended to heavily chase long positions at high levels. Tonight's non-farm payroll data is imminent.
The key resistance and support levels are clearly defined: the first resistance above is the previous high of 1645.87. Only a breakout with volume can open up a new upward space, with a target of the 1660 range. Below, the short-term moving average support is at 1620, and the core strong support is at 1600, which is the watershed for this double-bottom reversal. As long as 1600 is not broken, the bullish trend will not be destroyed. In terms of operations, it is not recommended to chase long positions with heavy positions at highs. Tonight's non-farm data is approaching.