Evening Analysis of Bitcoin and Ethereum on July 17th
In the afternoon, the overall market for Bitcoin is still fluctuating based on a range-bound structure, while Ethereum has risen to around 3479, showing a relatively strong trend. The bullish momentum has consistently broken highs, which was expected. It is evident that when Bitcoin reaches 100,000 in 2024, Ethereum will be at 4,000. Currently, with Bitcoin at 120,000, Ethereum still below 4,000 is indeed somewhat disappointing. Our afternoon recommendation of shorting Bitcoin and longing Ethereum also met expectations, and the dual strategy proved effective, finding the right rhythm made it easy to seize opportunities.
Bitcoin, on the other hand, is relatively weak, remaining in a range-bound fluctuation, but support still exists. Attention should be paid to the stability of the middle track on the four-hour chart of Bitcoin. Overall, the evening leans towards a bullish outlook, and it is crucial to set stop-loss orders during operations to avoid unnecessary losses.
Bitcoin can be traded around: 117500-117000, with a target of around 119400-120100.
Ethereum can be traded around: 3410-3390, with a target of around 3510-3550.
