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The encryption market has been fluctuating due to a series of news, and it is currently in a sluggish state. In addition, a series of economic data has been released in the United States, and there is an expectation of a rate cut by the Federal Reserve. However, it has not boosted the encryption market. People can't help but question whether the encryption market is entering a bear market at this moment. But the most critical issue is the black swan of Mt. Gox, the good news is that according to on-chain data monitoring, the BTC balance of the German government's BTC Address has been depleted, and the current balance of BTC in the Address is 0. In addition, the data of the Spot BTC ETF in the United States shows that 9 BTC ETFs have accumulated a total of 2132 BTC, worth about 123 million, and it is currently in a continuous inflow state. There will not be any larger unfavorable information in the short term. The market is likely to breathe and correct itself during the weekend.
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Yesterday, the encryption market's highlight was the significant increase in ordi, with sats experiencing a profit pullback. MKR from Defizone topped the list of gainers, while AR from the storage zone ended its pullback. It is worth noting that fan token zone's tokens appeared at the forefront of the gainers, but this may also be an opportunity to sell. Perhaps in the latter part of July, the overall market will seek an opportunity to break through. In terms of operation, it is recommended to follow the changes in the news and avoid currencies with large-scale unlocks, staying away from currencies with delisting risks.
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The overall range of BTC price is slowly moving downwards. The intraday gains were reversed in the early morning, and the intraday low approached the 56500 support level, but did not break below it, and the trend maintained a range-bound pattern. If it falls below 56500 support in the future, the short-term consolidation pattern will be broken, and the intraday low is expected to further approach the 55000 level. On the short-term four-hour chart, the trend is in a pullback after a high, and yesterday's rebound did not break through the 58800 resistance level, allowing the trend to stabilize at the middle track position. After a false break, it pulled back again and is currently running at 57600. The price continued to decline in the early morning, swallowing up the previous gains and currently showing weak trends. The market is in a period of range-bound price correction, and there is a risk of further downside in the future, so the intraday strategy is to maintain a short position on the rebound. The current trend is to follow the 56500-58500 range.
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The overall trend of Ethereum is stuck to BTC, with intra-day price fluctuations, currently reaching around 3157, under pressure to enter a consolidation pattern, with support moving up to the 3045 level, and the current price running around 3120. Follow the Rebound breakthrough during the day. The contraction of the Bollinger Bands increases the probability of the Candlestick breaking the upper band of the Bollinger Bands at 3150 resistance level, you can try a short position after the upper band of the Bollinger Bands is broken, which is around 3150, and follow the 3100 at the mid-band resistance level, and the lower band is raised to 3050, indicating that the trend of the resistance level and support points are converging, indicating a period of consolidation. In the future, the focus will be on the 3175 suppression area. In the short term, the trend is under pressure for pullback near the EMA5 moving average with Fluctuation, with both long and short sides currently in a stalemate. In the short term, the trend is in consolidation, so the strategy should be to maintain a high short and low long position until the breakthrough occurs.