7.11 Evening Bitcoin and Ether Market Analysis
From a daily chart perspective, Bitcoin continued its upward trend today, briefly reaching 118869.98 under the strong push from bulls, and is currently oscillating around 118392.50. In the moving average system, the 7-day moving average continues to diverge upwards and is positioned above the 30-day moving average, presenting a typical bullish arrangement, indicating that short-term bullish forces are dominant. However, during today’s rise, the trading volume did not continue to expand effectively, suggesting that the bulls may face some momentum insufficiency in their subsequent advance.
Ether's performance is also impressive, with the price soaring to 3040.15, now stabilizing around 3007.07. The 7-day and 30-day moving averages have also formed a bullish arrangement, but from the candlestick pattern, the upper shadow is relatively long, indicating some selling pressure above. At the same time, the MACD indicator shows that Ether's bullish momentum bars are gradually shortening, implying that the strength of the rise is weakening.
Recently, the overall sentiment in the cryptocurrency market has been relatively optimistic, with continuous inflows of institutional funds supporting the prices of Bitcoin and Ether. Additionally, favorable news regarding blockchain technology has been continuously emerging, boosting market confidence in the Ethereum ecosystem and Bitcoin as a store of value. However, the U.S. Securities and Exchange Commission (SEC)'s stance on cryptocurrency regulation remains a Damocles' sword hanging over the market, which could trigger significant volatility at any time.
Bitcoin: If the price stabilizes near 117500 - 118000 in the short term, one can consider going long with a light position, aiming for 119500 - 120000, with a stop loss set at 117000. If the price fails to stabilize and effectively breaks below 117000, then one may consider going short, targeting 116000 - 116200.
Ether: If there is a clear sign of stagnation in the 3020 - 3040 range, one can consider going short with a light position, targeting 2950 - 2970, with a stop loss set at 3060. If the price strongly breaks above 3060, one can follow up with a long position after confirming a pullback, targeting 3100 - 3120.
It is important to note that the cryptocurrency market is highly volatile, and the above analysis and recommendations are for reference only. Trading decisions must be made in conjunction with one’s own risk tolerance. #BTC再创新高 #ETH突破3000 $BTC