July 11: BTC/ETH Technical Analysis and Trading Ideas
BTC: Since the day before yesterday, there has been a significant increase in volume and a breakthrough of the previous 'triple top', with bullish momentum surging and bears forced to cut losses, releasing upward momentum. Yesterday reached a new high, with a clear increase in daily volume, indicating that major funds have officially entered the market. This is not only a technical breakthrough but also a resonance of market sentiment. Given the rapid increase in the short term, there may be a pullback in the short run. However, one thing everyone must understand is that after a large increase in volume, even if the market is about to enter a significant correction, it must go through a distribution process, which will last for three to five days of highs and lows, and this process is a signal for exiting at the top. Therefore, in the current market situation, there is no need to be overly cautious about the market turning bearish. Opportunities arise, trade boldly, and exit decisively. Following the rhythm of rising from 75 to 112 in April, it is divided into four upward phases, each phase seeing a ten thousand point increase. This round of increase started from 100,000, with the first round rising ten thousand points to 110,000 undergoing nearly a week of adjustment, and the second round starting from 108,000, which is also about to see a ten thousand point increase. The daily chart shows three consecutive large increases, so short-term caution is advised for a pullback, while the medium-term outlook remains bullish. Looking at the 4-hour chart, there has been a continuous increase in volume with three consecutive large increases, so do not chase the price in the short term; a pullback to around 1155 can be seen as a continuation of the bullish trend. For intraday operations, pay close attention to support at the 1155-1145 range, with defense near the 113 level.
ETH: Referring to the chart below, the previous market was in a converging triangle zone, and the day before yesterday saw a large breakout from downward pressure. Yesterday continued to show strong bullish momentum with increasing volume, indicating a strong willingness for funds to chase prices after the breakout. Today, it initially reached 3000 USD and then slightly pulled back, showing some profit-taking pressure at this level. However, there is a resistance zone formed in January around the 3200-3400 range, and the market is expected to continue rising. Near the 3200 point, there may be a high and then a pullback, but the overall K-line center will continue to move upwards, maintaining a slow upward trend. The 4-hour chart shows continuous volume increase, and a slight pullback is expected in the short term, with support near the 2920 level. For intraday operations, closely monitor the support at the 2930-2900 range for continued bullishness.
