7.11 Zhiming Morning Analysis and Suggestions
Looking back at the past, the market review in the early morning has gone through prior fluctuations and is poised for action, with the market experiencing a strong breakout during the morning session. Bitcoin took the lead, with prices rising to around the high point of 117,500; Ethereum also strengthened simultaneously, reaching a crucial resistance level of 3,010, demonstrating a strong upward momentum.
From a market analysis perspective, the price has seen an astonishing intra-day increase of 7,000 points, strongly breaking through historical highs. However, such breakthrough markets require a clear mind. From a technical standpoint, the current price has far exceeded the upper Bollinger Band, the RSI indicator continues to be in the overbought zone, and the MACD histogram shows signs of a top divergence. All of these warn that the risk of a pullback is accumulating, and any unilateral surge is difficult to sustain; the market will eventually return to rationality. Especially after breaking through key resistance levels, there is often a need for profit-taking adjustments. It is advisable to adopt a prudent strategy of taking profits, securing part of the gains. For traders who have not yet entered the market, chasing high at this moment has a disadvantageous risk-reward ratio; it may be better to patiently wait for a better entry opportunity.
Zhiming Suggestions
Bitcoin near 116,000-116,500, looking at 115,000-114,000
Ethereum near 2,970-2,990, looking at 2,930-2,910
