Wednesday, July 23rd, Zhiming's Morning Analysis and Suggestions
Looking back, after the price of Bitcoin surged and faced resistance last night, it experienced a pullback. The subsequent second surge successfully broke through the 120,000 mark, reaching a peak around 120,300 before facing pressure and stopping. During the early morning period, market fluctuations were limited, with prices mainly hovering around the 120,000 mark, further highlighting the strong bullish pattern. Ethereum continued to maintain a tug-of-war between bulls and bears, with neither side able to establish a sustained trend.
Looking at the chart, Bitcoin's recent price movement shows a clear step-like upward rhythm. Its characteristic is that each pullback is limited, and the price can quickly recover lost ground. This pattern of "pullbacks not breaking key support, and continuous new highs" is a typical strong bullish feature, indicating that its upward trend remains solid. Although Ethereum is currently in a bullish and bearish oscillation pattern, there is no need for excessive worry. Against the backdrop of Bitcoin's strong upward movement, Ethereum remains relatively stable and has not shown significant signs of following Bitcoin down, highlighting strong buying support below. Historical trends indicate that Ethereum's market often lags behind Bitcoin's movements. Therefore, the current oscillation is more likely to be a buildup of energy. Once Bitcoin opens further upward space, Ethereum is expected to follow closely behind and break out, leading to a correlated upward trend.
Zhiming's Suggestions:
Bitcoin around 119,700-119,200, target 121,000-121,500
Ethereum around 3,720-3,690, target 3,780-3,810
#加密立法新纪元
Looking back, after the price of Bitcoin surged and faced resistance last night, it experienced a pullback. The subsequent second surge successfully broke through the 120,000 mark, reaching a peak around 120,300 before facing pressure and stopping. During the early morning period, market fluctuations were limited, with prices mainly hovering around the 120,000 mark, further highlighting the strong bullish pattern. Ethereum continued to maintain a tug-of-war between bulls and bears, with neither side able to establish a sustained trend.
Looking at the chart, Bitcoin's recent price movement shows a clear step-like upward rhythm. Its characteristic is that each pullback is limited, and the price can quickly recover lost ground. This pattern of "pullbacks not breaking key support, and continuous new highs" is a typical strong bullish feature, indicating that its upward trend remains solid. Although Ethereum is currently in a bullish and bearish oscillation pattern, there is no need for excessive worry. Against the backdrop of Bitcoin's strong upward movement, Ethereum remains relatively stable and has not shown significant signs of following Bitcoin down, highlighting strong buying support below. Historical trends indicate that Ethereum's market often lags behind Bitcoin's movements. Therefore, the current oscillation is more likely to be a buildup of energy. Once Bitcoin opens further upward space, Ethereum is expected to follow closely behind and break out, leading to a correlated upward trend.
Zhiming's Suggestions:
Bitcoin around 119,700-119,200, target 121,000-121,500
Ethereum around 3,720-3,690, target 3,780-3,810
#加密立法新纪元
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BTC
118,010.02
-1.14%
ETH
3,643
-1.67%