7.7 Morning Trend Analysis

The market experienced significant fluctuations in the early hours, with the price of Bitcoin briefly touching around 109,000. However, due to significant selling pressure above, it failed to stabilize effectively and subsequently began a pullback, dipping to a low of 108,200.

This support level demonstrated strong buying interest, causing the price to quickly stop falling and rebound, reaching around 109,000 as of now. From a technical analysis perspective, although the price briefly surged, it could not sustain the rise. Currently, the price is above the mid-band, but the upper band is exerting noticeable pressure, indicating a potential trend for a pullback to the mid-band, a narrowing range, and a downward breakout.

Considering the current market sentiment and the performance of technical resistance levels, it is recommended that investors maintain a primarily bearish trading strategy in the morning, closely monitoring the breakout conditions of the upper resistance levels and the key support levels below.

Bitcoin Trading Suggestions

Go short in the range of 108,600-109,500, targeting a drop to 107,500, and around 107,000. If it breaks below, continue to look downwards.

Ethereum Trading Suggestions

Short near 2,580-2,620, targeting a drop to 2,500 and around 2,450. If it breaks below, continue to look downwards. If it reaches the target, consider attempting to go long.