7.17 Bitcoin is clearly under pressure at high levels, while Ethereum is surging like a dragon crossing the river. How should we proceed?
Today, the Bitcoin market saw a bullish rebound that touched the high level of 120,000, which was clearly under pressure. Subsequent rebounds have also faced downward pressure, with bulls showing signs of fatigue. The Bollinger Bands on the 1-hour chart are also running downwards, and the MA moving averages along with the middle band are clearly being suppressed and running downwards. The KDJ indicator for bulls is opening downwards, and the MACD bearish volume is slowly increasing. It is suggested that we can first take a short position at high levels to watch for a pullback. If the strong support level at 115,500 is touched and still not broken, we can look for opportunities to go long.
Ethereum today saw an increase of 10%, while Bitcoin continued to fluctuate at high levels. The main focus today was clearly on increasing Ethereum to fill the gap. The trend is still clearly heading towards 4,000, but at present, Ethereum is consistently spiking up and down. The short-term increase has reached a stage, and to guard against a deep pullback in the market, we can take a short position for a moment.
Trading Suggestions:
Short Bitcoin at 118,800-122,300, with a target of around 117,000-115,500. Stop loss at 123,000.
Short Ethereum at 3,430-3,470, with a target of around 3,330-3,230. Stop loss at 3,520.