Analysis of Bitcoin and Ethereum on the morning of July 31
After Bitcoin dropped to around 11730 in the evening, it experienced multiple up-and-down fluctuations to absorb funds, then surged but did not continue, quickly falling back to its original position. Currently, it is consolidating around 11770, with funds clearly waiting for the interest rate decision to be announced at 2 AM.
Ethereum has shown a noticeably strong performance, still operating within an upward trend on the daily level. Even when there are pullbacks, they are mostly characterized by horizontal consolidation, indicating a healthier overall structure.
In such a market, where there are clear news factors and institutional manipulation, placing orders based on directional bets has a low probability of success. It is advised for conservative traders to wait for clearer results before acting in accordance with the trend, as right-side trading is more reliable.
In terms of operations:
Bitcoin: If, after the meeting in the morning, the market strongly breaks through 11830 and stabilizes above the upper edge of the 4-hour range, it can be considered a confirmation of bullishness, with a retest of 117500-116800 to enter long positions, targeting 11950-12050;
If negative news pushes it below 11680 with significant volume, and if it fails to break above 11720 during a rebound, a light short position can be considered, targeting around 11550-11430.
Regarding Ethereum: Key support levels are 3720-3680, and resistance levels are 3820-3860.
If positive news is released in the morning, ETH will be more likely to lead the breakthrough, with a target potentially looking towards 3900+.
If negative news occurs, consider buying at lower levels only if ETH falls below 3680; blind shorting is not recommended.
