From the LBank blog.
As June comes to a close, the market is poised for a new uptrend in July. This article will focus on the theme of “hold” and examine the various bearish factors experienced in June. However, the current market sentiment has gradually absorbed the bearishness, and the market heat has been reignited by the “main upward wave” of BCH (Bitcoin Cash).
The future market outlook remains promising, as bearish factors should not be feared; rather, the lack of liquidity poses a greater concern.
BTC Monthly Chart: The current monthly candlestick is about to close, and the chart structure shows a typical pattern of two bullish candles sandwiching one bearish candle.
This phase indicates a consolidation within the upward trend, suggesting significant room for further upside. Investors are advised to continue buying on dips and maintain a bullish long-term perspective.
ETH Monthly Chart: After reaching a high of 2160 in May, ETH has experienced a two-month correction.
The next major resistance lies around the upper channel, with a potential upward target near 2100. The overall outlook for ETH remains bullish following the recent pullback.
BCH Monthly Chart: BCH, the mainstream cryptocurrency that has shown the highest increase in market heat this month, has surged nearly fourfold from its bottom. Its momentum has successfully led the entire market to rebound.
Looking ahead, we can expect a pullback followed by another rally. The current control of coin pairs is tight, and the contract funding rate has reached -0.145%, making shorting risky.
LTC Monthly Chart: LTC has shown a significant increase today, closely following BCH’s rally. It is a cryptocurrency approaching its halving event. The price has experienced large fluctuations in recent months. If LTC closes above 100, the market outlook suggests a potential rise to around 120.
In summary, despite the bearish factors experienced in June, the market sentiment has improved, and the current heat sparked by the BCH’s upward wave is driving the market.
The future market outlook remains positive, and investors should maintain a long-term bullish perspective. However, it’s crucial to be cautious of the lack of liquidity.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/july-1st-market-analysis-from-lbank-derivatives-822c82e3cd7d?source=rss-87c24ae35186——2