July 28 Midday Analysis:
Yesterday, Bitcoin's market showed a range-bound fluctuation from the morning, and in the evening, after reaching the 117022 level, it triggered a rebound, sharply rising over 2000 points; Ethereum maintained a steady upward trend, with a slight pullback in between but of limited intensity, peaking at 3850 points.
From a technical indicator perspective, Bitcoin's 4-hour moving averages are in a bullish arrangement, with the MACD golden cross expanding, and short-term support moving up to 118800. If this position holds, there is still momentum to challenge 120000 during the day; although there is a certain upper shadow, it is a normal pullback correction after a rise, which accumulates energy for future upward movement. Bullish volume continues to be released, and once the market stabilizes, there is hope for continued upward momentum. On the daily level, Bitcoin's Bollinger Band upper pressure level has moved down to 119850. If it cannot break through, it may face pullback pressure; strong support is found in the 117800-118000 area, and if it falls below this, it may retest 116500. At the same time, it shows a pattern of probing higher and falling back, with extended upper shadows but limited downside space, maintaining an overall wide-ranging fluctuation tug-of-war pattern.
Ethereum has shown a strong rally on the 4-hour level, with bulls fully suppressing bears. Currently, it is just over a hundred points away from reclaiming the 4 thousand mark. Following this trend, breaking through and moving higher is just a matter of time; the daily level has sufficient momentum for upward movement, and the rising trend is steady with significant bullish characteristics.
Considering the structure across multiple time frames, the weekly EMA7 and EMA30 maintain an expanding gap, and the long-term trend remains bullish, with the bullish tone unchanged. Attention should be paid to the breakout situation of Bitcoin's previous high at 121000 USD.
Bitcoin around 118300-118600 is bullish, targeting around 121000-121700.
Ethereum: Bullish around 3820-3850, looking at around 3900-3930.
