25/07/19 BTC continues to oscillate at high levels, ETH continues to surge to 3677. Where will this bull market go?
Ethereum reached a high of 3677, breaking through the Fibonacci line at 0.786. Currently, there is a short-term pullback with a minimum pin at 3477. If it subsequently falls below this price, it will pull back further. From the daily perspective, yesterday's candlestick closed with a pin, so next, we will focus on whether the pressure at 3677 can continue to break through.
After Bitcoin pulled back to 115751 from 123274, I mentioned that it still needs to oscillate short-term. Some friends have challenged me; now it has oscillated at high levels for 5 days. My thinking remains that after a short-term test of the 115751 support, it will continue to rebound upward, but it cannot be ruled out that there might be a false breakout to around 113688 before it rises.
On the 17th, the U.S. House of Representatives overwhelmingly passed three cryptocurrency bills (Genius Act) (Clarity Act) (Anti-CBDC Act). The cryptocurrency industry is about to welcome the first official industry laws in the U.S., which will help legalize this digital asset and move it towards becoming a mainstream financial product. This is still a positive for the currency.
Bitcoin
The short-term expectation for Bitcoin is the same as the analysis from a couple of days ago, maintaining high-level oscillation. From my perspective, the only thing to watch out for is whether there will be a false breakout followed by a recovery, as this is a common tactic used by market manipulators.
From a daily perspective, after rebounding from 98180, it is currently testing 0.236. The short-term support remains at 115751, and the Fibonacci 0.382 position is at 113688. Therefore, it cannot be ruled out that it may come back to test this area before rebounding.
Support: 113688—115751
Resistance: 121000—123274
Ethereum
The daily line is likely to close as a doji today. After peaking at 3677 yesterday, it has seen a pin bar. In the analysis from a couple of days ago, I also reminded everyone that this position has rebounded to 0.786, and continuing upward is a pressure zone where chasing prices is not recommended. Previously, I did not layout positions during the fluctuations down to 2111; now chasing prices faces a high probability of a pullback.
Since the bottom of 1384, it has already increased by 1.6 times, and the rebound from 2111 is also 70%. The pressure near 4100 is only about 10 points away, making it not cost-effective to chase prices at this time. Those who have not built positions should wait for a low buy opportunity or wait for a breakout at 4100.
Support: 3200—3300
Resistance: 3750—4100
