BTC reached a peak of 70,000 in May and June. It tried to reach 70,000 several times in July, but was always blocked by the pressure position of 68,500. There are only a few days left in July. Can BTC break through the pressure and reach 70,000 again? If it wants to break through, there are two key factors in the recent news:
Trump will deliver a speech at the Bitcoin 2024 conference at 3:00 on July 28.
Data on subsequent net inflows of BTC ETF and ETH ETF.
If these two factors can effectively stimulate the market, BTC will be expected to break through the pressure position of 68,500 and hit 70,000. If the stimulus is not in place, the market may pull back to around 66,000-65,500 again, waiting for the next stimulus to hit the target of 70,000 again.
Therefore, if the market pulls back to around 66000-65500, it will be an opportunity to enter the market again.
Market pullback after Ethereum ETF trading launches
After the Ethereum ETF trading was launched, the market did not rise as expected, but instead there was a short-term correction. But this will not affect the subsequent trend. The inflow of funds into the Ethereum spot ETF shows that Ethereum will not fall sharply. This correction is just a sudden increase in the number of shorts, mainly because there are too many people who are long. So let's take a look at the short-term trend of Ethereum:
The support level is effective: In the four-hour callback, Ethereum just reached the support level formed by the previous bottom oscillation range and stopped falling, which shows that the support below is effective.
Shock after rebound: After the decline stopped, there was a rebound. During the rebound, the volume of bulls gradually decreased, and the price began to oscillate near the pressure level formed by the BOLL middle track. Usually, when the price reaches the BOLL middle track, it will trigger a callback.
Evening Cross Star pattern: In the last four hours, a Evening Cross Star pattern appeared, but the shorts did not increase in volume, indicating that although there is pressure from above, it is not very large.
Rectangular pattern: A "rectangle" has been formed. The rectangle is a continuous pattern, and both long and short positions are shrinking within the rectangular pattern. This is not a precursor to a deep correction.
Upward trend: After Ethereum stopped falling, it is currently in an upward trend in the short term. In this context, the shock is just a accumulation of power, and no signs of strong short positions have been found.
Judging from the above points, the current strength of ETH bulls is stronger than that of bears, and it is expected to continue to rise. Short-term trading, stop when you are ahead!
Trump's new support
The appearance at the Bitcoin 2024 conference is the latest show of support for the crypto industry from Trump. In June, he slammed Democrats’ attempts to regulate the industry at a fundraiser in San Francisco. Last month, Trump met with bitcoin mining companies at his Mar-a-Lago resort, further demonstrating his support.
Trump recently said he would like to see more American companies invest in Bitcoin mining.
Bitcoin has gone from non-mainstream to mainstream, and all parties are trying to attract the crypto community, which accounts for a quarter of the U.S. population.
US presidential candidate Robert Kennedy Jr. said at a Bitcoin conference that if elected president, he would build a reserve of 4 million Bitcoins. In addition, he promised to issue an executive order to make Bitcoin transactions with the US dollar unreportable and taxable. He also plans to make Bitcoin a qualified asset for 1031 real estate exchanges.
The big bull market may not be far away, get ready
The Bitcoin conference has been in full swing these days, and everyone seems to be expecting a huge market. At present, this market does not seem to be big, and more people are looking forward to Trump's substantive statement. Be patient and wait, the climax is only a matter of time.
Before the arrival of the big bull, these potential coins are worth paying attention to:
NOT
The daily level shows an inverted shoulder pattern, while the resistance trend line acts as a neckline. With the potential shift in market sentiment, the chances of a breakout of Not are gradually increasing. In addition, the intraday bullish engulfing pattern further weakened the previous day's downward momentum.
LDO
LDO prices have been subject to bearish pressure since the beginning of the year and despite some bullish rallies, a trend reversal has yet to be confirmed. While the bulls are working hard to reverse the trend, slight bearish pressure may keep the price in a downtrend.
The recent rally has had little impact on the technical outlook, which remains neutral at the moment. The RSI is showing the possibility of forming another low, while the Ichimoku Cloud is close to triggering a bullish crossover. This suggests that LDO price may continue to fluctuate within the existing pattern and may reach the midpoint of the channel at 1.65, after which a significant move higher may occur. Goal 2.0.
WITH
AR has been struggling around the critical support area of $20 in recent months. It has tried to break the supply zone of $48-50 several times since March, but sellers have held on. Similarly, sellers have also tried to break the demand zone of $20. These fluctuations have kept the coin in a tight range for months.
Despite these challenges, AR is currently above important moving averages, indicating that buyers are struggling to hold the 20-day EMA level. It has risen by 7.04% in the past 24 hours, indicating a bullish trend.
Against the backdrop of a bearish overall market, AR is rising in a narrow range, indicating increased investor interest. If AR breaks above the 35 resistance level, it is expected to continue its upward move towards 50.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
