Market Analysis and Insights for July 30

Since Bitcoin peaked at 123,000, it has been oscillating between 116,500 and 119,500 for half a month. During this period, any short positions near 119,500 have generally been able to secure some profit. It is also possible to go long near 116,500. The market for Bitcoin during this time has been that simple, just back and forth oscillation. So how does the trend change? It boils down to breaking above or below; either go long at 116,600 or short at 119,500, don’t overthink it.
The MACD on the daily chart for Ethereum has formed a death cross, which will shift from the previous strong bullish period into a bullish adjustment period. Going up presents an opportunity to short, with reference points around 3860-3900. Tonight, there are two five-star news events, so it might be wise to wait with a short position. I will write up a trade during the European and American sessions.

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