July 23 BTC/ETH Mí Shén Strategy

After the S&P logged three straight declines, last night it was slapped back hard. The Dow rose nearly 400 points, the Nasdaq rose more than 1.2%, and chip stocks kept leading the charge. This opening of the earnings season has also been very strong—among companies that have already released results, 87% beat expectations. Even veteran industrial stocks such as 3M and General Motors turned in standout performance. But Mí Shén has noticed two new variables emerging: one is that the Strait of Malacca is also starting to come under strain, and together with the Strait of Hormuz, both of the world’s two energy lifelines are facing pressure at the same time; the other is that the final deadline for tariffs on August 1 is getting closer and closer. The market is currently betting that the losses will be “smaller than people imagine,” but this assumption itself has not been verified yet. Korean stocks are even more extreme: the two storage “giants” drove the index into a circuit breaker for the second day in a row, as the late stage of deleveraging and the reversal in chip stocks overlap—so the force is stronger than expected. Overall, sentiment is on the optimistic side, but over the next few days, the earnings reports from Google, Tesla, and IBM, along with these two newly surfaced risk points, will be the key to testing the quality of this rebound.

BTC: After all three target ranges were reached, it has also entered a process of consolidating and reorganizing positions. Specifically, this shows up as sideways trading at high levels. Sideways movement does not mean a trend reversal—it only means there is disagreement among positioning. In the short term, you can participate a bit with trades at higher prices, but on the larger timeframe the dominant trend is still “following the decline”; in terms of tactics, do short trades. If there is a deep pullback, you can look to buy low again. If a trade breaks the previous high and you place a high short, remember to exit. Follow the trend to look for opportunities to accelerate by “adding to the move” on continuation. If it breaks through the sideways range here again, there may be an acceleration chance. So the main line here is to wait—wait for certainty. Whether it’s technicals or news flow, it will take some time; stay patient (see chart for details).

ETH: Currently, below the resistance level of 1965, price has been moving sideways for two days. In the night session there were attempts to push up, but resistance is still obvious. Moving sideways below the resistance level does not mean a trend reversal—it only allows small-position attempts to do high shorts. If you break above the previous high, make sure to cut losses in time. It’s not good to “play the moves” near the resistance level without conviction and without a bottom position—so it’s recommended to wait until after a breakout and then trade in the direction of the move, or if it truly pulls back to retest support, then look to enter. For today, pay attention to the upper band resistance at 1965 and the lower band support at 1909. Mí Shén has marked the support/resistance levels on the chart—keep a bit more patience here. (See chart for details.) #Gate事件合约首发狂欢 $BTC