BTC and ETH Market Analysis on 7.31: Key Points for BTC and ETH Today
Market Review
Yesterday, BTC remained consolidated. Powell's hawkish speech in the early morning caused a short-term spike, but the market quickly recovered without being significantly affected by the delayed interest rate cut, which is a good signal. The 4-hour trend has recovered healthily, oscillating and consolidating. The daily trend has also recovered well, returning to a healthy state. Pay attention to volume changes, with the weekly trend showing some recovery. Focus on fundamental information and the Federal Reserve's interest rate cut process. The daily expectation is to maintain consolidation, with the larger cycle potentially starting a new weekly upward trend.
The second pie has started an independent market trend. The 4-hour trend is good, with a golden cross about to form on the axis, potentially continuing to rise. The daily trend is relatively extreme but currently recovering well. Volume remains healthy, and the trend is returning to normal. Pay attention to 4-hour volume and expect potential daily increases.
Altcoins are rising in sync with mainstream cryptocurrencies. The altcoin index remains at a medium level, with market sentiment somewhat recovering. Monitor BTC market dominance and fiat buy signals to determine altcoin startup signals. ETH-related coins are heavily influenced by ETH and can be considered for follow-up. Keep an eye on Pendle, which shows a good trend and potential for rise. Binance has been hosting frequent activities, with ongoing Alpha point events where you can accumulate points. There are many opportunities for rewards recently.
Today's Key Points:
BTC: 1-hour and 4-hour levels return to normal, daily level also returns to normal. Daily expectation is to maintain consolidation. Lower support 117,500-118,000, upper resistance 119,000-120,000.
ETH: 1-hour and 4-hour levels return to normal, daily level enters overbought zone. Daily expectation is potential rise. Lower support 3,750-3,800, upper resistance 3,900-4,000.
