Today is August 1st, the mainstream coins $btc $eth are closing the monthly line and are currently showing a downward pin, but the trend has not broken, so there is no need to panic. It is worth noting that $eth has formed a golden cross on the monthly line, the last golden cross was in January 2024, and since it is the beginning of the month, this indicator needs to be observed until the end of the month to see its significance, so we should only observe and not reference it.

The expectation for $btc yesterday was to trade around 118,000. In order to close the monthly line, the price briefly dropped below 115,000, which is the daily MA30 position. In a strong market, MA30 serves as the maximum support, and in the past three months, it has only broken twice, on June 5th and June 22nd, but both were quickly reclaimed. Overall, today we expect a rebound to 117,000;

$eth has formed a bottom pattern at 3760 on the hourly level, and today we look for a rebound to 3800;