7.29BTC/ETH market outlook:

After Bitcoin surged to a high point of 123,300, it entered a period of high-level sideways consolidation. The daily Bollinger Bands are severely constricting, with the upper band opening downwards and the lower band opening upwards, indicating that the triangular convergence pattern is about to break out. The MACD bearish energy continues to expand, while KDJ and RSI are turning down from high levels. The recent rebound high at 119,812 and the morning rebound high at 118,433 indicate that the market has struggled to break through for a long time, suggesting a need for a pullback. Whether this pullback will accumulate momentum for another surge or lead to a bearish exhaustion remains to be seen.

Attention to the resistance above Bitcoin at 118500, 119500, and 120000; short positions can be taken around these levels.

Pay attention to the support at the lower track of the daily K-line at 116000 and the low point of last week's pullback at 114500. If it does not break below here, we can consider buying low, but if it breaks, we will continue to look down. The market has been very volatile recently, so be sure to take profits and reduce positions in batches.

Ethereum surged to 3940 yesterday and ended with a medium bearish candlestick, with the upper shadow longer than the lower shadow, indicating strong selling pressure above. The upper band of the Bollinger Bands, which had been rising steadily, is now starting to flatten out. The MACD is continuously decreasing in bullish volume, and both KDJ and RSI are turning down after being overbought at high levels. This morning, the highest rebound was at 3820, followed by a quick drop to around 3734. The high point of last night's rebound was also near 3820. For today, we will first look for a pullback, with resistance at 3820, 3900, and 3950 above, and high shorts can look to enter at these levels.

Pay attention to the support levels at 3700, 3650, and 3600 below. Wait to enter long positions at these levels, as the support has not been effectively broken. You can try to enter long positions.

The market fluctuates greatly, with constant ups and downs. It's essential to learn to reduce positions in batches and then adjust to break-even losses. The midnight strategy suggests a low long position for Ethereum at 3750-3730. In the morning, I already indicated to reduce positions near 3800, then adjust to break-even losses. If it goes up, we can continue to look at 3820-3900-3950 here. If the rebound weakens and accelerates downward, then close long positions for profit and switch to enter short positions. #Gate Launchpad IKA上线#