Iran shuts the Strait of Hormuz again—hold your short positions patiently! July 12 BTC/ETH outlook

On the early morning of the 12th, the naval forces of Iran’s Islamic Revolutionary Guard Corps announced that, starting immediately, the Strait of Hormuz will be closed and no vessels may pass. The statement said that Iran had previously warned that any actions by foreign forces interfering in the Strait of Hormuz’s affairs or illegally designating shipping lanes would trigger Iran’s “firm and resolute response.” Given the unsafe situation caused by foreign forces’ illegal interference, the Strait of Hormuz will be closed starting immediately until further notice, and until the United States stops interfering in this region. The statement also warned that if the U.S. launches new attacks on Iran using this incident as a pretext, Iran will respond forcefully by striking more U.S. bases in the Middle East. Then, however, the U.S. defense minister publicly stated: “Iran is paying for its wrong choice.” After that, multiple locations in southern Iran were hit by U.S. military strikes. Just hold your short positions patiently—if you didn’t get on the train, the rebound can keep unfolding, so keep waiting!

July 12 short ideas:

For BTC, on any rebound, short from 64,000–64,500; defend around 65,500. Targets are around 63,000–62,500–62,000. If it breaks down, watch around 61,000–60,500–60k. Continue to move the stop-loss along with the price; take profit as the situation allows!

For ETH, continue to short at 1,790–1,820; defend above 1,860. Targets are around 1730–1700. If it breaks down, watch around 1650–1630–1600. Continue to move the stop-loss along with the price; take profit as the situation allows!

July 12 long ideas:

For BTC, add a long position on a pullback near 60,000; defend around 59,000. Targets are around 61,000–61,500–62,000. If it breaks through, watch around 62,500–63,000.

For ETH, pull back to 1600–1630 to add a long position; defend around 1570. Targets are around 1650–1700–1720. If it breaks through, watch around 1750–1780.

With the situation between Iran and the U.S., and between Russia and Ukraine, this tense—under these circumstances, any crypto price rebound is only a brief moment. So be cautious about chasing after price increases!