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The recent grayscale selloff, the German government's selloff during this period, has little actual impact, but has a huge psychological impact, reflecting the market's fear of heights. People feel that BTC has returned to its historical high point, and that they missed out on the last bull market, but this time they finally have a chance. Grayscale and the German government are just a microcosm of institutions, representing this kind of psychology. There are more institutions behind the scenes that we do not know about with the same psychology. From this perspective, the market still needs time to stabilize and time for digestion. The key events to follow this week are as follows: July 8: ETH Square ETF may be launched soon; July 10: DASH halving countdown; July 11: The U.S. releases CPI data for June.
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BTC continued to consolidate within yesterday's intraday, with the daily chart showing an upper shadow resistance at the 58400 level and a subsequent decline. The support level is at 55000, while the resistance level is relatively far. The current price is around 56400, indicating a weak consolidation phase without a clear bullish or bearish signal. Looking at the 4-hour chart, the price touched the middle band and then oscillated downwards after encountering resistance, with the KDJ indicator forming a death cross, indicating an increase in shorts. The current market does not provide a clear bullish or bearish signal. In terms of news, concerns about Mt.Gox creditors selling their BTC for repayment have caused the market to fall, but buying pressure has emerged due to the belief that the decline is excessive. Therefore, the rebound viewpoint is dominant. Short-term concerns about Mt.Gox repayment may cause a decline, but it is expected to rise again in the long term, making it a short-term buying opportunity!
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ETH Ethereum daily level is under pressure in the 3080 range, and it showed a weak oscillating downward trend overall during yesterday's intraday trading. By now, it has tested the low near 2920 and is currently running near 2940. The 4-hour BOLL band and the MA30 moving average continue to press down, limiting the Rebound of the coin price. Coupled with the thin Trading Volume on the weekend, the market tends to adjust slightly within a narrow range. The intraday retracement price has not broken through the key pressure zone around the middle rail, indicating a short-term trend of consolidation. Looking at the daily chart, the KDJ three lines are parallel and downward, and the MACD volume has decreased but not changed. As long as the daily price Rebound cannot effectively break through the pressure of the MA5 moving average, the overall trend remains weak. Focus on the testing situation of the support at 2920-2880-2850, and if the new low is not broken, there may be room for an upward Rebound. Above, focus on the breakthrough situation in the 3020-3080-3120 range.