7.21 Early Morning Bitcoin and Ethereum Analysis
The overall market rhythm over the weekend is relatively slow, with Bitcoin mainly consolidating, but the pace of Ethereum has clearly accelerated, showing strong upward momentum, approaching the 4000 mark, and market sentiment is gradually warming up.
Regarding Bitcoin, the current trend is neutral, with increasing divergence between bulls and bears at high levels. Prices are fluctuating back and forth in the range of 118000-120000, with resistance at two levels: 120000 and 123300. Without a significant breakout, it’s difficult for the short term to maintain a trend.
In terms of Ethereum, the strong upward trend continues, having formed a short squeeze structure, with noticeable volume and continuous capital inflow. At this stage, it is not advisable to guess the top, as being overly bearish can easily lead to being caught off guard by a rebound.
Trading Recommendations:
Bitcoin: Buy in the 117800-118300 range, targeting the 120000-120500 area, with potential to challenge the previous high of 123300.
Ethereum: If the price stabilizes after a pullback in the 3700-3620 range, consider a buy, targeting 3850-3950, with 4110 as an extreme target position.
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