#ETH
《Turbulence — Current Market Analysis》
After these past two days, I believe everyone has seen the market's volatility and the uncertainty of news. The extinguished flames of war can be reignited, and calls for interest rate cuts can be directly negated. However, from the market's performance, after Federal Reserve Chairman Powell denied a July rate cut, there hasn't been much fluctuation. The recent frequent news has given the market some immunity.
Today, Bitcoin's daily chart shows a spinning top near the support level of 105000, and this position has a higher probability of being support than resistance. This will also be the starting point for a market rebound and the point for Bitcoin to break new highs again. Friends who are opening positions can pay attention to this level, 105000 as a watershed. If it stabilizes above this level after the 8 AM line change, this support will be even more solid, and resistance will move to around 110000.
Ethereum has a resistance level at 2380 and another at 2480, both of which were support levels during the downturn. Now, as it rebounds, these levels have become resistance. After this round of overcorrection, Ethereum has yet to catch up with Bitcoin's rhythm. Above the 2480 level, there is still a resistance at 2520. To be cautious, one can wait for Ethereum to stabilize above 2520 before entering the market. In such extreme market conditions, this would be safer.
Overall, the altcoin market has not yet reached the price where we reduced our positions in this round of pullback. At the moment of the ceasefire early yesterday morning, I recommended a few cryptocurrencies that have shown slight profits, such as NEIRO, WIF, TAO, FET, etc.
The overall market has also seen a nice rebound, which is a result of the upward trend. Sometimes, just a reminder in a single sentence can help avoid losses and take advantage of gains. Continuously paying attention to Taco might provide you with valuable reference information when you feel lost.