7.18 Early Morning Bitcoin and Ethereum Thoughts
Tonight, Bitcoin attempted to breach 119000 twice but failed, and buying pressure appears slightly fatigued, suggesting the market may struggle to rise in the short term; however, Ethereum is performing much more steadily, only a step away from the target of 3500.
Currently, there is a need for a pullback at the 1-hour level, and a slight dip is to allow for a higher jump. The main strategy remains unchanged, continuing to go long on pullbacks to support levels. Aggressive traders can short the market to play for a correction, but must ensure to set good stop-losses.
Trading Suggestions
Bitcoin: Continue to attempt to rise between 117700-116800, with 119000 as a key resistance; breaking this level still provides an opportunity to surge to 120000.
Ethereum: Supports at 3360 and 3310 are effective; first target is 3440, and a breakthrough here could lead to another surge towards 3500.
