👿 Market View on the Afternoon of July 2nd. 👿
$BTC Viewpoint:
Bitcoin reached a peak of 108700 in this wave, with 500 million dollars in short liquidity waiting to be cleared at 109300, just 500 dollars away from cleaning it. If it doesn't get cleared, then it should go down to clear the longs, as there is over 400 million in long liquidity waiting to be cleared around 103000.
Bitcoin broke through 105751 with volume, and the hourly closing price is above 105751, so chase the longs on the right side, with a stop loss if it breaks down.
105216 broke down with volume and couldn’t recover on the rebound, so chase the shorts on the right side, and set a stop loss on recovery. Pay attention to the changes in volume and manage your stop-loss well.
At 104562, a false breakdown occurred, so recover lightly and add one more hand. If it breaks the low of the false breakdown or 103402, set a stop loss. If it doesn’t recover, don’t go long.
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On the hourly level, if Bitcoin breaks 106092 and stands firm, look up to 106753-107170; if it can’t stand above, don’t look up anymore.
Be cautious when shorting Bitcoin: if 107170 appears as a 2b false breakout, short one hand. If it breaks and stands above 107900, set a stop loss.
Conservative players wait: long at 103261, stop loss if it breaks 102277.
Let’s talk with charts: why did Bitcoin only bounce to the trend line here and then turn down? Because this trend line was the original support that got broken and became the current resistance. This is what it means by support-resistance swap, and the drop has both volume and price. The next time it bounces to this trend line and can’t break through, it will continue to drop. The reversal will only happen when it breaks this trend line.
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Upper pressure: 106081-106734-107169
Lower support: 105184-104603-103367
On the 4-hour level, if it breaks 105038, look down to 104089-103322.
Bitcoin's hourly level shows a second test without making lower lows, indicating a stop in the decline.
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$ETH Thought:
Ethereum broke through 2417 with volume, chase the longs on the right side, and set a stop loss on recovery.
2405 broke down with volume, chase the shorts on the right side, and manage your stop loss properly.
Pull back to 2368 to confirm support is valid, add one more hand, and set a stop loss if it breaks 2326.
Ethereum's hourly level shows 2430 standing firm, looking up to 2455-2481.
Note to short one hand at 2500, and set a stop loss if it breaks 2522.
Left side orders: long at 2317, stop loss if it breaks 2262.
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Upper pressure: 2422-2456-2483
Lower support: 2393-2362-2326
On the 4-hour level, if it breaks 2379, look down to 2347-2315.
Ethereum is currently moving within the range of 2465-2404, with yesterday's false breakdown of the range now recovering back inside the range. It cannot extend its rise unless it breaks the midline of the range; otherwise, the meeting is adjourned.