7.7 Bitcoin & Ethereum Midday Analysis



After an early morning rejection at highs, the market dropped unilaterally, with bears dominating the scene. After hitting the low, the decline slowed, and the market is currently in a weak sideways recovery phase at the bottom.

The downtrend remains unchanged, and the current rebound is merely a technical correction following oversold conditions. The resistance from the moving averages above is heavy, and bullish momentum is insufficient. This rebound often presents a better opportunity to enter short positions, following the trend of going short on highs.

Trading suggestions:
Bitcoin: Go short directly on a rebound to 63400-63800, with a stop loss near 64200, targeting 62600-62200 sequentially.

Ethereum: Go short directly on a rebound to 1780-1800, with a stop loss near 1830, targeting 1745-1725 sequentially.#BTC $BTC $ETH
ETH1.70%
BTC2.23%
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