Tuesday, July 22nd, Zhiming Evening Analysis and Suggestions
After the midday Bitcoin touched the bottom and rebounded, it faced pressure around 118,000, dropping to 116,500 to stop the decline, and is currently consolidating around 117,500; Ethereum retraced to 3,650 and recovered the 3,700 level.
The market is still in consolidation, with Ethereum showing strength recently but needing indicator corrections, alternating between ups and downs is healthier. From a technical perspective, Bitcoin has double bottom support at 116,500-116,800 and strong resistance at 118,600-119,000; Ethereum has support at 3,600-3,650 and pressure at 3,800-3,850. On the indicators, Bitcoin's 4-hour MACD shows a recovery in bullish momentum, while Ethereum's 1-hour KDJ shows a golden cross. This evening, attention should be paid to the U.S. initial unemployment claims and the perpetual contract funding rate, as there is intense long and short competition.
Zhiming's Suggestions
Bitcoin near 118,600-118,100, look for 120,000-121,000
Ethereum near 3,660-3,630, look for 3,720-3,750
