7.9 2:22 AM


Analysis:
The overall market trend is similar. Currently, the market is undergoing a 1-hour rebound, which has been going on for 14 hours. The bulls are replacing upward movement with sideways consolidation, showing a very weak trend. Focus on the end of the hourly-level rebound between 3:00 and 7:00. Look for opportunities to short again when smaller timeframes form a top. Pay attention to the reaction at BTC $61,050 and ETH $1,694 below.

Summary:
The Fed meeting minutes at 2:00 were relatively neutral and did not impact the crypto market. The smaller-timeframe downtrend remains intact, making a further decline highly likely. However, the wide-range volatility during the day has largely repaired the deviation. The current level could go either way, with sufficient room both up and down. Be cautious. Do not turn excessively bearish before the aforementioned key support levels are breached!
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