Cryptocurrency Market Update: Bitcoin and Ethereum are about to experience a major breakout under the bullish trend of 7.14! Latest market analysis
Current price of Bitcoin is 118700. According to Li Ying, Bitcoin is currently in a strong upward phase, overall showing a bullish dominant trend. Therefore, in the short term, Li Ying anticipates that the price will fluctuate around the 118000 and 120000 range and test resistance levels. Market sentiment is strong, but some indicators suggest that there may be a technical pullback risk in the short term. Thus, the price may slightly pull back to the support level around 118000 before attempting to further break through the strong resistance level at 120000. Therefore, Li Ying suggests that if you already hold long positions: you can maintain your holdings in front of the 118000 support level. If the price breaks through the 120000 resistance level, you can gradually move to higher positions to protect profits. If you have no positions: it is recommended to wait and see for a technical pullback and consider building long positions gradually near 118000 and 118500, with a target looking towards the area above 120000. At the same time, you can also pay attention to changes in trading volume and momentum indicators to confirm the strength of the rebound. Risk control suggests being cautious when chasing long positions above the round number of 120000, and pay attention to possible pullback risks in the short term.
Short-term strategy reference:
Long entry at 118000, stop loss at 117000, stop loss 500 points, target 119500
Short entry at 119500, stop loss at 120000, stop loss 500 points, target 118500
Before publishing, the current price of Ethereum is 2990. Li Ying has noticed that Ethereum has been showing an upward trend since July 10 and is currently experiencing a consolidation phase at high levels. Therefore, in the short term, the market has entered a consolidation phase after consecutive rises, and the bullish trend remains dominant. The red three soldiers pattern and bullish arrangement of moving averages indicate that there is a possibility of a continuation of the upward trend in the short term, but caution should be exercised against pullback pressure after being overbought. In the short term, the price may first test the resistance level at 3040, and if it struggles to break through, it may fall back to the support range. In terms of mid-term trends, the bullish arrangement of moving averages shows that the upward trend remains relatively solid. Finally, Li Ying suggests a bullish strategy: if the price breaks above 3040, consider following the trend, with the target moved up to around 3100. However, be cautious to take profits in a timely manner when the upward momentum weakens. For short-term traders: if the price pulls back to the range of 2900 and 2950, consider gradually building long positions based on the support levels, setting a stop loss below 2850.
Position references:
Long entry at 2950, stop loss at 2900, stop loss 30 points, target 3040
Short entry at 3040, stop loss at 3080, stop loss 30 points, target 2950