E7Stan

BTC as shown in the chart, since we caught the bottom at 98000, it seems that we have encountered a clear parallel channel again, which is a healthy pullback pattern. Therefore, 108000 can be the key point for the end of this pullback. Breaking through this level, BTC may reach a new high. We are following the strength and weakness levels around 103000 intraday, which have remained unchanged here.

Do you remember I said yesterday that 98000 is the bottom? Now you go back and check the position, is 98000 not at the bottom? Revisit yesterday's article.

Back at the end of May, we established a sell trend awareness at 111800, which can be traced back to an article I published around May 20. Since that wave reached a temporary peak and broke the trend line at the end of the month, BTC has entered a sell phase in the larger trend, which we are also aware of. I have mentioned the 101000 level no less than three times, and it has retraced down to this level three times in total. Therefore, we can regard this as a strong and weak line in the weekly trend of BTC, with 108000 acting as a conversion line. Viewing BTC in this way will make things much clearer for you.

Let's first focus on the weekly situation of ETH. I mentioned half a year ago that ETH would experience a long-term pullback downward. Since ETH broke through the trend to become long positions at the end of April this year, the momentum for supplementary rise has remained very strong. As for the current wave 2 consolidation, we can clearly see that ETH has continuously formed 5 long upper wicks, indicating that the overall loss-making positions during that downward wave domestically are very deep. So, since ETH has shown pullback signals, and yesterday it successfully pierced through the lower band of the daily chart, which will be discussed shortly.