7.16 Early Morning Bitcoin/Ethereum Analysis
After a rapid decline following last night's failed surge, short-term market sentiment has become more volatile. However, the overall rhythm remains within the structure, and the market has not ended but is switching its pace.
Currently, Bitcoin is undergoing a three-stage downward structure on the 1-hour chart, with a weak rebound during the day, now entering the third stage of pullback. Key support is around 115500, combined with the upper boundary of the previous range and moving averages. Once it stabilizes and stops falling, it will form the basis for the next rebound. The sector's heat rotation is evident, and the main upward trend for Bitcoin has not yet started; the decline instead serves as a buildup for a leap.
Ethereum's rhythm is slightly more erratic, with significant gains in the evening. Short-term support is around 2920; as long as it holds, there is hope to challenge 3100 again, and the overall situation is still a healthy fluctuation.
Operation Suggestions:
Bitcoin: Pullback around 116000-115500, targeting 117500-118500. If it breaks down, continue watching above 120000.
Ethereum: Similarly, pullback around 2920-2950, targeting 3030-3060, if it breaks down, continue to look above 3100.
Currently, the market is frequently pulling up and down, with small stop-losses making it easy to get hit; adjustments can be made according to individual position sizes for defense!!!
