Hot topics of Master Chat:
Currently, due to the news that Biden withdrew from the election, the price of Bitcoin quickly fell by $2,000, and then rebounded sharply.
The temporary decline occurred because of the heightened uncertainty surrounding the U.S. election, and the rebound was fueled by the market’s expectation that Harris’s candidacy would not be able to defeat Trump’s candidacy.
In addition, from July 25 to July 27, Trump will attend the Bitcoin 2024 conference and deliver a speech, which may further boost market sentiment.
The Ethereum spot ETF will be officially launched for trading tomorrow and may experience relatively large fluctuations in the short term.
Early investors will choose ETF products with lower management fees, and the market is expected to see certain selling pressure.
But this pressure will be absorbed by multiple ETFs in the market, so it will still rise in the long run.
Master looks at the trend:
BTC 1 hour:
From the perspective of technical analysis, as Master mentioned in the closing analysis of the real-time students yesterday, Bitcoin has broken through the downward trend line and is at a trend turning point.
After the rise, it gradually bottomed out and continued to rise in steps, so the bullish view can be maintained during the day.
Resistance level reference:
First resistance level : 68300
Second resistance level : 69500
If the price of the currency breaks through the first resistance level, further increases can be expected, and 68K can be judged as solid support.
In addition, Shiye expects that the level around 70K will be retested this week, but it may experience a temporary correction around 70K before continuing to rise.
Support level reference:
First support level : 67450
Second support level : 66600
The current price may adjust to the first support level. If the price pulls back to the first support level, it can be regarded as an ultra-short-term entry opportunity.
At the same time, we also need to pay attention to whether 68K can continue to be maintained.
Today's trading suggestions:
In today's trading, you can maintain a bullish view and trade accordingly.
In addition, due to the current sharp rise in the market, it is in the stage of retesting the upper resistance.
Since there is no certainty that the retest will be successful, medium to long-term trading should be conducted with caution.
In an overheated market, be wary of corrections. While further gains are possible, risk management will become more difficult if you enter the market without waiting for a pullback.
It is recommended to wait for a pullback after sufficient observation. If there is no pullback and it rises directly, you can conduct short-term trading by setting support levels within the framework of small-level trends.
7.22 Master's short-term pre-buried order:
Long entry reference: 66200-66600 range, long in batches, 500 points of defense, 67450-68300
Reference for short entry: 69500-69900 range short in batches 500 points defense target 68300-67450
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