From the LBank blog.
In the early hours of Friday, both Bitcoin (BTC) and Ethereum (ETH) displayed a momentary decline. BTC fell below the key threshold of 30,000 points, and ETH plunged to around 1,825 points. This movement can be considered as part of a wide-ranging market fluctuation.
The future trend of the market seems to lean more towards a steady upward progression. Despite these market dynamics, the Federal Reserve’s pace of interest rate hikes has not slowed down, implying the current market liquidity has the potential to increase.
As evident in the 4-hour (4h) chart for BTC, there is a wide-ranging fluctuation at the top. The market is cleaning chips with each breakthrough up and down. Given the volatility, it is recommended to operate with light positions in the short term and to ensure timely gains.
ETH’s 4h chart reflects strong support in the current bottom range, as suggested by the rebound from its dip in the early hours of the day.
The short-term outlook is bullish. It is advised to take advantage of dips of around 850 points to go long on ETH.
XVG, one of the most actively traded pairs recently, has experienced unusually active trading from its users, due to Binance’s recent adjustment of fee standards. The fees for every 4h trade are around 1.5.
The current trend leans more towards a volatile upward progression. Traders are advised to keep an eye on fee changes.
ARB, one of the most watched pairs due to the Cancun upgrade, has shown signs of a rebound from the bottom on the 30-minute (30m) level.
If it manages to break the downward trend line, there is significant room for growth. The recommended strategy for ARB is to build positions at the bottom around 1.1u.
While the current cryptocurrency market is experiencing a range of fluctuations, there are several opportunities for strategic trades.
However, investors should be mindful of the potential volatility and adjust their investment strategies accordingly.
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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-8th-market-analysis-from-lbank-derivatives-2655e397af19?source=rss-87c24ae35186——2