Analyst Liang Qiu: On July 17, Bitcoin/Ethereum hit new highs again last night, preparing for a significant waterfall decline

Last night, the Bitcoin/Ethereum market sentiment rose again, and our positioning was unfortunately slightly hit and exited. Earlier, I mentioned my nephew. The Ethereum price even surged directly to the 3423 line in the early morning, with a single-day increase of more than 300 points. Currently, the market has already started to retreat from its high point, and the four-hour and daily lines are about to close. The daily chart shows that both Bitcoin and Ethereum have formed long upper shadow candles, indicating significant pressure above. On the four-hour level, Bitcoin is under pressure at the mid-line and has started to retreat and fall, while Ethereum, after a surge, has formed a long upper shadow and closed down. Such large surges in the market will also be accompanied by significant pullbacks and consolidations. Today, we will focus on the support near the previous low point of 3230.

In terms of operations, it is suggested to position Bitcoin around 118800 to 119300, with a target near 117000; for Ethereum, around 3380 to 3400, with a target near 3300, and if broken, watch for 116000 and around 3250.