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Overnight, the US stock market opened high and rose, with all three major indexes collectively rising. The Dow rose 1.64%, up 0.75% for the week, recording a four-week consecutive rise on the weekly chart; the S&P 500 rose 1.11%, down 0.85% for the week; the Nasdaq rose 1.03%, down 2.08% for the week. The Nasdaq and the S&P 500 have both fallen for two consecutive weeks. Most large tech stocks rose, with Meta rising more than 2%, Microsoft and Amazon rising over 1%, and Apple, Nvidia, and Intel rising slightly; TSL, Google, and Netflix fell slightly. 3M rose about 23%, the largest single-day increase since at least 1980. On Friday, investors welcomed the PCE inflation index favored by the Federal Reserve, which showed that US inflation rose moderately in June, and consumer indicators remained stable, which may help the Federal Reserve enhance confidence that inflation is moving towards the 2% target. In addition, after the market was shaken by Mt.Gox dumping and the release of news about ETH on the ETH network, the encryption market fluctuated upward, and BTC and ETH both rose to varying degrees.
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Recently, Mt. Gox, the German government, and Grayscale Fund have all been selling BTC and ETH, especially during the big dump in early July. In theory, these sell-offs would lead to a big dump in the market, but in fact, the market has risen. This is thanks to continuous buying from institutions like BlackRock. With selling on one side and buying on the other, the price ultimately rose. This indicates that there is a certain amount of game-playing between institutions, and it can also be understood that they are both partners and opponents at different stages, which is an inevitable phenomenon in the financial market. Last night's fall does not mean the market is completely over, but rather shows the maneuver of large funds entering with the left hand and exiting with the right hand, aiming to Whipsaw, washing out contracts and indecisive speculators.
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BTC took a nosedive on Thursday, with significant fluctuations. It plummeted from around 66000 to 63300, forming a continuous decline on the daily candlestick chart. Later, the price quickly rose again, testing the high point of 68500 near 68000. From the current trend, the trend remains in a strong correction phase, with short-term chart indicators pointing upwards. As the market enters the weekend, the pump is not expected to continue strongly, and the distribution of various channels during the period needs to be followed. It can effectively deduce where the next key support or resistance is likely to be. Today, the support level at 67200 is worth noting first, followed by the position of 65500. Intraday, follow the upper resistance level at 68500 and transition through box consolidation to digest downward momentum. Therefore, it is recommended to operate within the range of 68500-67200 today!
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Ethereum's Rebound is still weaker than BTC, and the listing of ETF did not bring an amazing market, but instead the trend is weaker than BTC. The fall is significant, but the Rebound is not strong enough, which is also expected. From a technical perspective, the trend has shifted from long to short in a day, and now it's near the point of exchanging from short to long-short trends. The trend line top-bottom resistance level is near 3300, and the EMA trend indicator is also under pressure at this level. The MACD volume has shrunk after the end of the surge, and the DIF and DEA have formed a death cross near the 0 axis line. The KDJ is taking a nosedive downwards, and the daily K-line fell below the middle track of 3290 and is now pulling back near the middle track. The area around 3280 is the current short-term resistance. If it breaks through and stabilizes this resistance, then the upper reference should be the bottom-top conversion around 3180, otherwise it will test the support around 3180 again.