Bitcoin And Ethereum Fell Rapidly. Can A Bottoming Rebound Come?

 2021-07-08 11:01:43

Bitcoin climbed during the day (UTC) yesterday. The price once again stood above $35,000, but in the evening the price quickly dropped below $33,000. From a technical point of view today, MACD bears down, KDJ diverges down, and RSI trend is down, but it is close to an oversold position, there are signs of turning, and follow-up observation is needed. On the whole, the short positions caused by market sentiment are still relatively strong.

The upper resistance can be focused on $35,000 line; 

The lower support can be focused on $32,000 line

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Ethereum as a whole was dominated by gains as usual yesterday. The market continued to rise all the way, hitting the highest level of $2,407, breaking through the strong pressure point above for the first time, but subsequently failed to effectively stabilize the disk and appeared a volatile downward trend. In the early hours of this morning (UTC), it dropped more than a hundred points and is currently hovering below $2,200. From a technical point of view, the 4-hour online MACD bulls were severely frustrated and a dead cross structure appeared. KDJ facing down also showed a dead cross pattern. The entire Bollinger band track is currently in a turbulent situation. The K line has fallen below the middle track of the Bollinger band. Partially volatile downward.

The upper resistance can be focused on $2,500 line;

The lower support can be focused on the $2,200 line.

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DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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