Thursday midday market analysis, July 7

Fed's "jawboning" on rate hikes spooks market! BTC, ETH bounce = short opportunity

The Fed minutes stated that although rates were not hiked this time, "most" officials believe rate hikes would be necessary if inflation does not come down. This is not a "sell the fact" event - it's a bearish warning! US stocks have already declined first; why should BTC and ETH rise alone?

Technical analysis: Bounce on shrinking volume, extremely weak, a pump-and-dump

BTC's four-hour bounce on shrinking volume faltered at 62,000, with the 63,000-63,500 zone being a heavy resistance area of trapped longs - also your suggested short entry. ETH is even weaker, failing to even touch 1,760. The hourly MACD has formed a death cross below the zero axis, with a complete bearish arrangement. Bounces = shorting opportunities.

BTC trading suggestion: Short at 62,400-63,000, stop loss at 63,500, take profit at 61,700-60,500.
ETH trading suggestion: Short at 1,750-1,770, stop loss at 1,800, take profit at 1,730-1,670.