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On July 16, the Crypto Assets market showed signs of fluctuation. Bitcoin experienced a round of ups and downs at midnight, first reaching around $117,700, then falling back to around $116,000, and later rebounding to around $117,900. As of now, the Bitcoin price hovers around $117,600.
Ethereum also showed a similar trend. It rose to around $3,096 at midnight, then fell back to $3,028, and later rebounded to around $3,140.
From a technical perspective, Bitcoin's daily candlestick chart shows an inverted shadow bearish candlestick pattern, with trading volume decreasing. Investors should closely monitor the support level in the range of $115,500 to $114,500, with a secondary support level around $111,500. The four-hour chart indicates a weakening of bearish momentum, presenting a bullish candlestick pattern. The upper resistance level is in the range of $118,500 to $119,000, while the lower support level is in the range of $115,200 to $114,700. On the hourly level, trading volume has increased but upward movement is under pressure, showing a bearish candlestick, with upper resistance around $118,000 and lower support in the range of $117,000 to $116,000.
The morning trading suggestions are as follows:
1. If Bitcoin retraces to the range of 117,000-116,500 USD, consider going long, with a target of 118,500-119,000 USD. If it breaks the support, consider going short.
2. If Ethereum retraces to the range of $3,115-$3,090, consider going long, with a target of $3,160-$3,200. If it breaks the support, consider going short.
It is worth noting that the recent US CPI data will be released soon, which may have an impact on the crypto assets market. At the same time, market participants are closely monitoring the movements of Bitcoin whales. In addition, the progress of the US Crypto Assets Week and the news of Strategy company increasing its Bitcoin holdings may also affect market sentiment.
Investors should be cautious when trading, reasonably control risks, and closely monitor market dynamics and changes in key price levels.