7.28 Midday Bitcoin and Ethereum Market Analysis

Yesterday’s short-term bullish thinking did not work out. Instead, the subsequent drop-and-not-without effect was extremely impressive. After the sharp selloff, the market entered a brief period of calm, with both sides staying on standby—there was no intention to continue pressing lower, nor any sign of an active counterattack. Although the MACD formed a golden cross below the zero axis, the price did not rebound significantly, which is a typical weak-rebound structure where indicator repair happens faster than price recovery. At present, the price is repeatedly testing the 63,000-63,300 area, which is also a relatively key support zone on the 4-hour timeframe. If this area does not show a strong rebound with repair, the short-term dip scenario is expected to be around 63,500. Otherwise, we will temporarily look toward the 63,800-64,000 range. For ETH, on the short term it is first looking at 1,890-1,900. Before a volume-driven decisive breakout/breakdown occurs, it is not recommended to hold expectations for a sustained upside. Including before effective support appears below, it is also not recommended to chase a bottom.
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