Overview of key market news on July 9
● Glassnode: Whales holding over 10,000 ETH are increasing their holdings
● A dormant giant whale/institution 'awoke' and transferred 9,000 BTC, approximately $977 million
● Citigroup: The Federal Reserve's meeting minutes may indicate that the threshold for interest rate cuts is decreasing
● The US spot Ethereum ETF had a net inflow of $29.5 million yesterday
● Over 500 Chinese creditors challenge FTX, opposing the freeze on $470 million in compensation
● Binance will remove the observation label for ZEC and the seed labels for ENA, PYTH, TAO, and W
Trading Insights
Four Key Guidelines
• First, hold onto hot assets for a long time; if it’s not hot, don't pay attention to it.
• Second, wait for a pullback after a large bullish candle; enter when three candlesticks do not break the previous low.
• Third, a rapid rise indicates a peak; sell quickly on sharp drops and sell slowly on gradual rises.
• Fourth, continuous small rises are real rises; when the trend line is tested, enter the market; during continuous large rises, exit, and sell when the price rises to the main force's back.
Three Major Rules
• First, when facing weak waters, only take a ladle; understanding the essence of trading means using stop losses at key points to take a chance. Key points are the core of trading, not participating at any position.
• Second, maintain a firm mindset and see through human nature; trading ultimately involves understanding human weaknesses, staying clear-headed amidst market fluctuations.
• Third, control impulsive trading and random trading. Excellent hunters often wait for the best moment to strike, ambushing at the crossroads of their prey for a decisive hit.
BTC Analysis
The daily Bitcoin chart rose from a low of around 107400 to a high of around 109200 yesterday, closing around 108850. The support level is around 107500; if broken, it could drop to MA60. A pullback can be bought nearby, while the resistance level is around 109500; if broken, it could reach around 110600. A rebound nearby can be sold short. MACD shows consolidation. The four-hour support is near MA60; if broken, it could drop to MA90. A pullback can be bought nearby. MACD shows consolidation with dual lines merging.
ETH Analysis
The daily Ethereum chart rose from a low of around 2520 to a high of around 2650 yesterday, closing around 2615. The support level is near MA30; if broken, it could drop to MA200. A pullback can be bought nearby, while the resistance level is around 2665; if broken, it could reach around 2770. A rebound nearby can be sold short. MACD shows bullish momentum. The four-hour support is near MA30; if broken, it could drop to MA200. A pullback can be bought nearby. MACD shows bullish momentum.
