7.22 Monday Bitcoin and Ethereum Insights
Bitcoin surged too much last week, and this round of correction is not small, with the market returning to a dominant range. The short-term trend is relatively weak, but multiple spikes below the hourly line indicate that there is still support in the area. Although sentiment has cooled, the trend has not completely turned bearish.
Structurally, it remains a high-level wide-range consolidation pattern, with resistance above and support below, so direction selection still requires waiting. The operation suggests focusing on buying low and selling high around the range, with an emphasis on watching more and acting less.
Trading Suggestions
Bitcoin: Test low buys near 116000-116500, with rebound targets at 118000-118800.
Ethereum: Test long positions near 3650-3680, aiming for 3750-3820.
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