7.31 Cryptocurrency Market Overview 🔥
$BTC , ETH trend is healthily recovering, initial signals of altcoin activation are emerging.
BTC: Consolidating and recovering, building momentum upward.
Last night, Powell's hawkish remarks caused a brief dip in BTC, which quickly rebounded, indicating that market sentiment has not been affected by the delay in interest rate cuts, representing a strong signal.
4-hour: Healthily recovering trend, slightly strong consolidation.
Daily: Technical aspect returning to a healthy state, bulls still control the pace.
Weekly: A new upward trend in the larger cycle has been preliminarily established.
Support levels to watch: 118000 / 117500
Resistance levels to observe: 119000 / 120000
Core focus: Future expectations of Fed interest rate cuts and changes in trading volume.
$ETH : Independent market opens, pay attention to upward movements.
ETH is establishing an independent rhythm, strong pullbacks, and slightly strong short-term consolidation.
4-hour golden cross is brewing, technical indicators are building momentum well.
Daily trend is recovering, trading volume is starting to release gently.
Target impact range: 3900 - 4000
Short-term support range: 3750 - 3800
If there is a confirmation of increased volume later, a breakthrough to new highs is expected.
Altcoins: Local activation, need to distinguish strength.
Currently, the overall altcoin market is still neutral, with no signs of a widespread rally, but some strong tokens are showing movements.
The altcoin index is neutral, and signs of retail investors entering are not obvious.
It is recommended to focus on mid to high market cap varieties, avoid blindly chasing low market cap coins.
PENDLE's trend is healthy, has been in a sideways pattern for a long time, pay attention to the opportunity for volume activation.
ETH ecosystem tokens should focus on volume anomalies.
BONK, newly launched, MEME popularity is rising, pay attention to its short-term trend.
This Friday, non-farm payroll data will be released, which may disrupt the short-term market rhythm.
BTC is currently in a healthy consolidation phase, ETH's short-term trend is relatively strong, and the market structure is gradually optimizing. The altcoin sector has rotational potential but needs to distinguish between strengths and select coins. In the short term, it is recommended to pay attention to the volume of mainstream coins and the rotation of hot topics, avoid blindly chasing highs, and wait for certain opportunities to appear.
