August 1 Market Analysis:
The major cryptocurrency daily chart fell from a high of around 118,900 yesterday to a low of around 115,350, closing at around 115,700. During the midday market, the major cryptocurrency retreated from 116,000 to 114,000 before bouncing back to 115,000 in a range, while the secondary cryptocurrency fell from 3,722 to 3,582 and then rebounded to 3,625 in a range.
Today, the monthly chart is updated. From the monthly technical indicators, KDJ continues to strengthen, and in the MACD, the DIF and DEA cross and oscillate near the mid-axis. Various moving averages are arranged and rising to different degrees. However, there is currently a certain technical gap between the monthly price and the five-day moving average. I personally believe that the trend within the month will first fill that gap and then resonate upward. Due to the large gap on the monthly chart, if it is not repaired and is forcibly pulled up, it is likely that the market makers want to harvest retail investors;
Currently, the four-hour level shows that the market has formed six consecutive downward candles, presenting a very strong one-sided trend. The bearish momentum is strong, with prices constantly refreshing lows and no obvious support levels below. The bulls are strongly suppressed by the bears with no signs of recovery. The likelihood of continued downward exploration is high. The one-hour level shows that after a slight rebound, it has again formed three consecutive downward candles. The Bollinger Bands remain open downwards, and the space below is completely opened up, with bearish volume not stopping and key support levels below all being lost. From the daily technical indicators of Ethereum, KDJ and MACD show a death cross and fall. The price is again operating near the middle band in the Bollinger Bands, and Ethereum has once again fallen below the MA30 moving average under the pressure of the five-day moving average and MA10 daily moving average, with the downward pressure of the MA10 daily moving average significantly increasing. However, the chips and buy orders at the bottom of the low MA30 daily moving average are quite strong. In summary, based on the monthly and daily charts, I personally believe that the price of the cryptocurrency is likely to continue to oscillate downwards during the evening and early morning.
Major Cryptocurrency: Short near 115,700-116,300, target: 114,200-113,700
Secondary Cryptocurrency: Short near 3,670-3,700, target: 3,590-3,560
