$BTC 7.17 Thursday Afternoon Bitcoin and Ethereum Market Analysis and Trading Suggestions

Don’t focus on the wealth stories of others and feel anxious; in your position lies an understanding of trends, a respect for cycles, and a responsibility for your own cognition. Every pullback is an opportunity to reinforce your understanding, and every period of dormancy is a buildup for the next leap. In today’s morning session, Bitcoin encountered resistance after rising to 120100 points and fell back, but strong support was found near 117663, followed by a bullish counterattack that gradually reclaimed lost ground with a fluctuating upward trend, ultimately reaching a high of 118763. Ethereum also experienced a wave of adjustments in the morning, stabilizing after dipping to a low of 3311 points. After a period of consolidation in the morning, the bulls regained momentum around noon, breaking through to a high of 3446. In accurately grasping the market rhythm, Xiao Ge predicted the opportunity to go long after the pullback in the morning, not only accurately forecasting the pullback point but also successfully placing a long position at 117800, ultimately cashing out at 118600, achieving an 800-point gain. In terms of Ethereum, the entry point for the long position at 3319 was also precise, ultimately securing a profit at 3423, realizing a significant gain of 104 points.

From the current market trend, after a series of strong upward attacks, the momentum of the bulls has clearly weakened. After hitting the previous high resistance level, the price began to fluctuate around the middle track of the 4-hour Bollinger Bands, forming a clear range of box operation. In the recent downward probing process, the price has received effective support, with each touch of this area triggering significant buying support. Although the bears have attempted multiple downward breaks, the trading volume has consistently failed to expand effectively, indicating that market selling pressure is relatively limited. The current market is in a stage of consolidation, and until the trend changes, we still maintain a bullish outlook and treat the market with a mindset of buying the dips.

Bitcoin: Buy around 117800-118000, short-term target 120500

Ethereum: Buy around 3380, short-term target 3500