7.14 BTC, ETH Market Analysis:
Market Review
Yesterday, BTC maintained a consolidating trend, and this morning it opened with a slight upward movement, once again setting a new historical high. The 4-hour level has entered the overbought zone, and the downward momentum continues to diminish. The overall trend is steady, with potential for further breakthroughs in new highs; attention should be focused on the $120,000 resistance level—if it can successfully stand above this level, the selling pressure above will significantly weaken. The daily level shape remains good, with volume expanding simultaneously, and the upward trend has been clearly established, expected to continue rising in the future. The weekly trend is gradually recovering, and it's advisable to pay more attention to fundamental dynamics, especially news related to the Federal Reserve's interest rate cuts. From a larger cycle perspective, a new round of weekly upward cycles has begun, and an upward trend is anticipated during the day.
ETH has completed consolidation in sync with BTC and has once again stabilized above the $3,000 mark. The 4-hour level trend is healthy, with downward momentum continuing to converge, and adjustments are basically in place; at the daily level, volume has started to release, the shape is steady, and there is also an expectation for continued upward movement during the day.
Altcoins are consolidating in sync with mainstream cryptocurrencies, with the Altcoin Index slightly rising, and most cryptocurrencies have begun a general upward trend. However, it is still necessary to wait for liquidity to further shift towards the altcoin sector, and it is recommended to consider following up after mainstream cryptocurrencies stabilize. The ETH ecosystem coins are deeply affected by this linkage and also need to wait for stabilization signals. Recently, Binance has been active with a series of events; Alpha point accumulation activities continue to be launched, allowing for appropriate point accumulation in preparation for the next round of activities. Additionally, the activity on the SOL chain continues to rise, and MEME-type coins are worth paying special attention to.
Today's Highlights:
BTC has entered the overbought zone at the 1-hour, 4-hour, and daily levels, with an expected continuation of the upward trend during the day; the support range is $118,500-$119,000, and the resistance range is $120,000-$122,000.
ETH has entered the overbought zone at the 1-hour, 4-hour, and daily levels, with an expected continuation of the upward trend during the day; the support range is $2,900-$2,950, and the resistance range is $3,100-$3,300.
