Cryptocurrency Market Analysis: Bitcoin at 117000 Triggering Reversal Signal on July 13! How Long Can Ethereum's Bullish Structure Last?
Current Bitcoin price is 117000. The market has found that after reaching historical highs, Bitcoin is currently pulling back and is running near the MA7. The middle band of the Bollinger Bands is still in an upward trend, but momentum indicators show a weakening upward trend. Therefore, in the short term, the market is in a high-level adjustment phase and may seek further support, mainly focusing on the reactions near MA30 and the lower band of the Bollinger Bands. If it stabilizes and breaks upward again, it may restore the upward trend; however, if it breaks below the support level, it may continue the adjustment trend. Finally, it is advised for bullish traders to be cautious with their positions, avoiding chasing highs. For those on the sidelines, it is not advisable to intervene too early; wait for the price adjustment to complete, especially after the middle band of the Bollinger Bands stabilizes or the MACD forms a golden cross signal again before participating. Short-term traders should pay attention to the support levels MA30 and the lower band of the Bollinger Bands for rebound opportunities, or attempt short positions near resistance levels, but strict stop-loss settings are required.
Short-term strategy reference:
Long entry at 116000, stop loss at 115000, stop loss 500 points, target at 118000
Short entry at 118500, stop loss at 119000, stop loss 500 points, target at 116500
Latest Ethereum Market Analysis
As of the time of writing, the current price of Ethereum is 2910. It has been observed that Ethereum has pulled back after briefly touching the high point of 3040, currently approaching the middle band of the Bollinger Bands and the MA30. This indicates that the market has entered a short-term adjustment phase. Therefore, in the short term, the price has retreated from highs and broken below the short-term moving average M7, with both MACD and RSI indicating weakening momentum. The short-term trend is leaning towards a volatile bearish trend, with significant risks testing the support of the lower band of the Bollinger Bands and MA30. From a medium-term perspective, MA30 and the middle band of the Bollinger Bands are still showing an upward trend, indicating that the current major trend remains unchanged, and the bullish structure is still intact. If the price can stabilize near MA30 or the lower band of the Bollinger Bands, a new rebound opportunity may arise subsequently. Finally, it is advised to pay attention to whether the key support area is held. If the support is effective, and the price stabilizes in that area, one can consider attempting to build long positions moderately.
Short-term point reference:
Long entry at 2900, stop loss at 2850, stop loss 30 points, target at 3030
Short entry at 3000, stop loss at 3050, stop loss 30 points, target at 2900