Morning analysis on 7.23!
Family members! Last night, the cryptocurrency market once again staged a dramatic "deep V rebound"! Bitcoin surged directly from $117,522, reaching a high of $120,300 in the early morning! Ethereum was even more aggressive, after a pullback to $3,626, it soared all the way to touch $3,730! Did you catch this bullish counterattack?
1. The technical outlook is bullish across the board, new highs may continue!
From monthly, weekly to daily charts, all three major timeframes are running wildly above the "resistance levels"! The monthly chart looks like it's on a rocket, the weekly chart has a full-bodied bullish candlestick, and the daily chart is showing a "wave-like" rise, showing no signs of stopping! The Ethereum rally has already started, and now it's all about "there's no highest, only higher!"
2. Pullbacks are opportunities!
Bitcoin: Support below looks at $119,000-$119,500, this position can be tried with a small position for a long, targeting first at $121,500! If the pullback isn't deep, it’s more prudent to follow the trend directly!
Ethereum: The area around $3,680-$3,700 is a key support level, don’t miss the opportunity to buy low, targeting first at $3,800!
3. How to play the market now?
The larger timeframe has opened up upward space, and new highs could be reached every day or even every half day! Short-term might see some consolidation at high levels, but the overall trend remains bullish! This is the time to test your reaction—don’t fixate on specific points, being flexible in adjustments is more important!
The cryptocurrency market is volatile, so be sure to set stop-losses! Newcomers are advised to start practicing with small funds, while veterans can seize this bullish feast! How high do you think this rally can go? Let's chat about your views in the comments!
