7.21 Monday Zhiming Morning Analysis and Suggestions
Looking back, over the weekend Bitcoin showed a sideways consolidation pattern. Last night, with the opening of the US stock market, there was a slight rise, reaching a maximum of around 118856, before facing pressure and quickly retreating. This morning, the bears released their strength, leading to a strong pullback in Bitcoin, with a minimum drop to around 116467. Currently, Bitcoin has rebounded to around 117300 and is consolidating. Ethereum has shown relatively strong performance, continuously breaking through key resistance levels, with an overnight peak reaching around 3826. This morning's trend has retraced in sync with Bitcoin, currently falling back to around the key level of 3750, seeking new support to stabilize.
Looking at the hourly chart, the price has formed four consecutive bearish candles, also showing long lower shadows. After experiencing a strong retracement this morning, touching 116467, it halted its decline and quickly rebounded to the key level of around 117500 for consolidation. This indicates that the bullish strength is solid, making it difficult for the downward movement to persist. Overall, recent lows continue to rise, showing that bulls are maintaining their momentum. Within the day, Bitcoin is expected to continue to test the 119000 level. If it effectively breaks through, it will open up upward space again, at which point bullish sentiment can be expected. Ethereum's trend has retraced after breaking through key resistance and is currently confirming stabilization near the key support level of 3750, with its strong foundation still intact.
Zhiming's Suggestions
Bitcoin near 116900-116400, look for 118000-119000
Ethereum near 3730-3700, look for 3790-3820
