July 6th Market Analysis from LBank Derivatives
BTC
The financial world is always in flux, and recently, a series of important developments have emerged, particularly in the realm of cryptocurrency. BlackRock, the global investment management corporation, has resubmitted its application for a spot ETF, reaffirming the increasing acceptance and integration of cryptocurrency into traditional financial structure
The current high performance of Bitcoin (BTC) shows no signs of significant decrease. As of today, BTC continues to oscillate above the 30,000 point mark. Despite its fluctuation in the high range, there has been no breakaway, reinforcing the expectation of continued oscillation as the primary trend.
For traders, the advice is to buy at the low end of the box and take profit timely, while being cautious about chasing too much.
ETH
Ethereum (ETH), another major cryptocurrency, is currently pulling back from its previous resistance level. However, it hasn’t broken below the significant 1,900 point mark, leading to expectations of a continued oscillation upward.
The current position represents a support level, therefore it’s advised to buy on an effective pullback, with a stop loss if the level is breached.
In the case of Litecoin (LTC), the halving is approaching, which historically leads to volatile price action. LTC tends to experience violent shakeouts after each breakout, with substantial magnitudes.
The general public often struggles to hold and gauge the trend. Currently, LTC has pulled back to the upper edge of the large box structure, with the price reaching as low as around 100, showing a rebounding trend. The suggestion here is to continue looking at rebounds for long positions.
XVG
For Verge (XVG), the recent explosive altcoin, the short-term increase is almost 5X, and after yesterday’s shakeout, today it has rebounded but has not yet broken through the previous high position.
Binance Futures will list XVG today at 8 PM, and the market maker might take this opportunity to boost and dump. For now, the recommendation is to watch from the sidelines, as there may be a short-term topping and selling.
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