Market review and analysis
Recently, the market has been in a volatile trend. BTC's performance over the weekend showed attempts to rise but failed to break through. Today, it made another attempt to rise slightly. However, this upward movement indicates that the current bulls are struggling. In terms of the market, the daily level's rapid upward trend has basically reached its peak. I previously mentioned that it wouldn't quickly crash and would remain volatile. This week will likely end the consolidation phase and start a new retracement. We will see if this retracement will intensify. In our time cycle, it is equivalent to reaching a low point in late June, and there are still 15 days until mid-July. Even if the larger market doesn’t adjust properly before mid-July, we should start making short-term arrangements. We can't just hold onto the mid-term bottom layout; making some short-term gains is also good. By the end of July, market liquidity is expected to gradually increase, which is definitely good for our layout. ETH also experienced volatility over the weekend without any rebound. Today, the attempt to rise to 2520 failed again, so this round of rebound phase is also about to end and won't rise very high. Therefore, for us, continued waiting is still the most appropriate approach.
Today's and this week's highlights
The BTC market has currently reached the third peak of the downward channel at the daily level. With this peak appearing, the market's decline is likely to come soon. The intraday high today has already reached 108800. At the daily level, it is unlikely to stabilize around 108000. However, today's retracement strength should not increase significantly. One could consider the support position around 106500 at the intraday level; if this support breaks, we should focus on the 103000-104000 range. This week will conclude the current high-point consolidation.
The ETH market today has once again reached the resistance level of 2520 without stabilizing, so there is no need to worry too much. Some may ask where ETH would go if it were to rebound during the consolidation phase of the larger market. According to the daily level comparison, the key defensive range would be 2560-2650. However, for now, we should wait for stabilization at 2520. On the intraday level, the support at 2400 points is also a small defense that has been touched and rebounded multiple times. Today, as 2520 hasn't stabilized, the first line of support can be set in the 2400-2450 range. If it breaks below 2400, compared to the larger market's 106000 defensive position, the market could directly move to the 2200-2300 range.
