Yueying: July 17th Bitcoin and Ethereum Market Analysis - False Breakout to Trap in Buyers? Just Wait for Support

Bitcoin's daily chart shows a bearish candlestick, indicating a return to the middle Bollinger Band area. Intraday trading continued the weak downward trend. The Bollinger Bands are slightly narrowing, with short-term moving averages trending downwards. The MACD fast and slow lines are turning downwards with decreasing volume. The KDJ indicator is extending downwards; watch for support near the zero line. The VR indicator is consolidating around 110. On the four-hour chart, the price has fallen consecutively without a rebound, currently trading above the lower Bollinger Band around 62500. The Bollinger Bands are narrowing upwards, with short-term moving averages crossing downwards. The MACD fast and slow lines are extending downwards with increasing green volume. The KDJ indicator has slightly turned upwards after breaking below zero, and the VR indicator is consolidating around 90. Overall, the strong bullish candle was a false breakout, and the market is currently retracing again. The key is whether the short-term support level can hold. Don't over-interpret the market for now; just follow the intraday fluctuations. For short-term trading, refer to the support level around 61500. If it breaks, don't participate. Just look for support levels to go long. See short-term suggestions. Bitcoin short-term suggestion: Go long at 62000 (take profits as needed after strategy activation). Ethereum's price has been declining in tandem with Bitcoin, and there are no signs of a bottom in the short term. Today is Friday, so further observation is needed. The overall technical analysis of the daily and four-hour charts can be referenced in the same way as Bitcoin. The short-term resistance level to watch is around 1900, and the support level is above the daily middle band. See short-term suggestions. Ethereum short-term suggestion: Go long at 1780 (For more cryptocurrency analysis, click on the image to see the homepage introduction and find Yueying). — I am Zhou Yueying, a teacher specializing in technical analysis. If you have any questions about trading or trends, feel free to discuss and learn with me! Let's exchange ideas and profit together!