Evening analysis of thoughts on July 31

From a technical analysis perspective, the current daily chart shows a series of consecutive bearish candlesticks. Although the price remains at a relatively high level, the MACD indicator has formed a death cross and is moving downward, while the trend signals on a larger time frame also lean towards bearishness. Additionally, the market's repeated attempts to break through have failed, and the pattern of repeatedly rising and falling has significantly undermined the bulls' confidence. It can be said that in the short term, the resistance level above 120000 has been repeatedly validated, and the market lacks sufficient momentum to break through this level. Meanwhile, the tug-of-war between bulls and bears in the news increasingly intensifies, causing the market to become trapped in a consolidation phase at high levels, without a clear direction yet.

From a short-term perspective, the overnight market has shown signs of a rebound after hitting a bottom, indicating a certain degree of an oversold bounce. However, if it cannot hold above 119000 today, the current dense trading area is likely to turn into a high-level distribution zone, and the risk of selling pressure should not be underestimated. Overall, there is a lack of momentum for a unilateral breakthrough in the short term, and the market is more likely to remain in a high-level volatile consolidation state.

Personal suggestion:
Bitcoin: You can consider entering the market in the range of 118800-119500, with a target down to 116000-114000. If it breaks below this range, continue to pay attention to downside risks.
Ethereum: You can try to enter the market in the 3870-3900 range, with a target to look down at 3750-3600. If it breaks below this range, continue to look bearish.