7.7 Monday Evening Bitcoin and Ethereum Market Analysis
Today's cryptocurrency prices show a high-level consolidation. BTC rose to around 109600 but encountered resistance and fell back, oscillating around 108600; ETH rose from 2550 to 2590 before retreating and then rebounding to 2588.
Looking at the daily chart, bullish momentum is weakening, with the K-line closing bearish. Resistance is at 111200, and support is at 106400. On the 4-hour level, bulls face resistance and close bearish, with pressure above at 109600 and support below at 108300 and 107300. On the 1-hour level, bearish momentum is strengthening, with support at 108400 and resistance at 109400.
Trading Suggestions:
Short BTC in the range of 109200 - 109700, targeting 108000 - 107500;
Short ETH in the range of 2580 - 2600, targeting 2550 - 2525.
Please note that virtual currency trading is not legally protected in our country.
