Coin Circle Jinrui 7.23: Will it reach $70,000 this week? Interpretation of recent news and buying points
Only when the mind is as calm as water can one be full of vigor and vitality. Investing is only for making money. Everything else is false. Making money is the kingly way. Hello everyone, I am Coin Circle Jinrui!
Jinrui's strategy in yesterday's analysis, the long order layout near $66,600 reached $68,250 in the early morning, winning 1,200 points of profit space.
Starting today, the coin circle ushered in an important week. In order not to miss the opportunity, the entry point is very critical.
Let's start with the recent important news:
Ethereum ETH trading officially started today
If Trump is re-elected, Bitcoin may become the US reserve.
The US holding BTC is expected to reduce selling pressure.
Bitcoin Conference from 25th to 27th
Trump will take the stage
Pay attention to his positive remarks on virtual monetary policy.
PCE index
If expectations of further interest rate cuts rise, it will be a positive factor.
If Trump wins the presidential election
Due to the legalization of crypto asset trading, Solana spot ETF may be approved.
If these news are realized, it will be the reason for a sharp rise. So where should we enter the market? Next, Jinrui will interpret it from a technical perspective.
[BTC daily chart]
From the daily chart, considering the risk-reward ratio, Jinrui recommends waiting for a pullback.
On the other hand, since the price has broken through the recent resistance level of $67,000, it is expected that this position will become support.
If the price falls temporarily, $66,000 and $65,000 are recent buying points.
[BTC 4-hour chart]
The green high-point rising trend line and the 25EMA on the 4-hour chart serve as support, and the current resistance level is around $68,500.
Therefore, if Bitcoin breaks through this range and further breaks through $68,900, the price is likely to reach $70,000.
Carrying out long operations near the 25-day EMA support level at the 4-hour level is a trading point that can be grasped in the near future.
[BTC 1-hour chart]
Although we should be wary of the double top pattern, Jinrui's strategy today is still to buy on dips and do more.
~ July 23 short-term entry point ~
After breaking through $68,500, go long
Take profit price: $69,000~$69,500
Stop loss price: $68,000
Buy on dips and go long when the price falls back to around $66,500-66,600
Stop loss price: $66,000
Take profit price: $67,600~$68,000
