July 17 Bitcoin and Ethereum Market Breakdown: Key Focus for BTC and ETH Today
First, let's review yesterday's situation:
Bitcoin was in consolidation yesterday, the 4-hour chart has recovered quite well, and the downward momentum is gradually easing. However, the daily level consolidation is not yet complete, and it seems to be nearing a peak in the short term, so a pullback is expected; there's no rush. The weekly chart looks better, so we should pay more attention to fundamental news, especially regarding the Federal Reserve's interest rate cuts. Today is likely to continue consolidating, but looking at the larger cycle, the weekly chart has already started a new round of increases.
Ethereum is quite interesting, as it has directly entered an independent market trend, breaking through the important resistance level of 3300. The 4-hour chart looks a bit too aggressive; after such a large rise, it definitely needs to take a break and correct, but the daily chart still looks healthy. Today is expected to pull back for consolidation, which is a normal corrective trend.
Altcoins are rising along with mainstream coins, with a slight increase in the index, and most are starting to rise together. But don’t rush into action; we need to wait for the mainstream coins to stabilize before shifting liquidity. Tokens in the Ethereum ecosystem are heavily influenced by ETH, so it's better to observe first and see if it stabilizes before taking action. Recently, Binance has had quite a few activities, so if you can earn Alpha points, do so; they might be useful for the next round of activities. The SOL chain is lively right now, and MEME coins are worth keeping an eye on.
Now let’s talk about today’s key points:
BTC's 1-hour and 4-hour charts have returned to normal condition, and the daily chart is similar. Today, it’s expected to consolidate sideways, with support at 116500-117000 and resistance at 119000-120000.
ETH's 1-hour, 4-hour, and daily charts have all entered the overbought range; today is likely to see a pullback for consolidation. Support is at 3200-3300 and resistance at 3400-3500.
#BTC #ETH
First, let's review yesterday's situation:
Bitcoin was in consolidation yesterday, the 4-hour chart has recovered quite well, and the downward momentum is gradually easing. However, the daily level consolidation is not yet complete, and it seems to be nearing a peak in the short term, so a pullback is expected; there's no rush. The weekly chart looks better, so we should pay more attention to fundamental news, especially regarding the Federal Reserve's interest rate cuts. Today is likely to continue consolidating, but looking at the larger cycle, the weekly chart has already started a new round of increases.
Ethereum is quite interesting, as it has directly entered an independent market trend, breaking through the important resistance level of 3300. The 4-hour chart looks a bit too aggressive; after such a large rise, it definitely needs to take a break and correct, but the daily chart still looks healthy. Today is expected to pull back for consolidation, which is a normal corrective trend.
Altcoins are rising along with mainstream coins, with a slight increase in the index, and most are starting to rise together. But don’t rush into action; we need to wait for the mainstream coins to stabilize before shifting liquidity. Tokens in the Ethereum ecosystem are heavily influenced by ETH, so it's better to observe first and see if it stabilizes before taking action. Recently, Binance has had quite a few activities, so if you can earn Alpha points, do so; they might be useful for the next round of activities. The SOL chain is lively right now, and MEME coins are worth keeping an eye on.
Now let’s talk about today’s key points:
BTC's 1-hour and 4-hour charts have returned to normal condition, and the daily chart is similar. Today, it’s expected to consolidate sideways, with support at 116500-117000 and resistance at 119000-120000.
ETH's 1-hour, 4-hour, and daily charts have all entered the overbought range; today is likely to see a pullback for consolidation. Support is at 3200-3300 and resistance at 3400-3500.
#BTC #ETH
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BTC
119,750.13
+0.22%
ETH
3,437.91
+2.91%