July 8 — Qian Cheng’s Early Morning Analysis of BTC & ETH

Overnight, the market continued its weak, choppy consolidation. BTC is currently at 63614, while ETH is currently at 1780. Prices stayed low all night; rebounds never managed to develop into anything decisive. In the early session, the market is still struggling under the pressure level, and there are no signs that the bearish structure is loosening at all.

On the daily structure, yesterday once again produced a small-bodied candle with an upper wick. Each time bulls tried to mount a comeback, they were ruthlessly suppressed by the medium- and long-term moving averages. Even the 5-day moving average has become a hurdle that’s difficult to break through. The moving-average system remains arranged in a diverging bearish pattern, with no stop-the-fall structure appearing on the daily timeframe. A bottom confirmation is still far off. On the 4-hour chart, the Bollinger Bands’ middle line keeps moving lower, and price remains tightly trapped below the middle band. A few small bullish candles overnight didn’t even manage to touch the edge of the Bollinger middle band before being pushed back—rebound momentum is extremely lacking. The MACD is running a death cross steadily below the zero line. Although volume isn’t dramatically expanding, it has the advantage of steady, continuous release. The RSI lingers at low levels in the weak zone with no rebound desire—typical of a grind-down pattern $BTC .

Trading Reference:
BTC: Place shorts in the 64000–64500 pullback range, target 62800
ETH: Place shorts in the 1805–1820 rebound range, target 1750