Weekly Crypto Market – July 11, 2022


This Week’s Summary

Overview of BTC (long-term/short-term TA/practical examples)

Overview of ETH


This Week’s Summary

This week was the so-called ranging market. Specifically, the movement is centered around $20,000.


As the US100 is strong, BTC also showed a rise in the short term.


For today, I will look back on the practical examples of short-term position construction. Please refer to last week’s article for the US100.



Overview of BTC

This week’s BTC move was also in the range, around $20,000, as mentioned in a previous article.


It is necessary to continue to watch the movements of BTC, ETH, and the US100 and respond flexibly to the market environment. The difficulty of the current market price is BTC cannot be used solely to make any judgment. It is important to observe each factor in a complex manner and make a comprehensive judgment.


Since monetary easing has ended and funds are being withdrawn from the market, it is not necessary to rush to build a long position over a for the long term. Now we are in a phase to protect funds, not the phase to attack.


↓ BTCUSD weekly candlestick chart


This week, it became a Sun line that seems to wrap up the hidden line of last week, and it turned around at the price range per the weekly 200MA (red line), that is, $22,500. This $22,500 looks like the upper end of the range for this price range. In other words, for the time being (next week / this month), we will assume the lower limit is $18,000 and the upper limit is $22,500.


Again, whether it reverses or continues to fall, some horizontal axis adjustment is required, as the ranging market should continue until then.


In last week’s article, I stated this month’s lunar legs are not the image of the Sun line, but the image closer to the candle bar with a small substance and a large wick, but at the moment it seems the image can be used as it is.


↓ BTCUSD monthly candlestick chart

Next, I’ll talk about short-term candlesticks, including feedback from last week’s article.


↓ BTCUSD 8-hour candlestick chart (as of last week)

Last week, “The latest price movement has not been able to maintain $20,000 on the 8-hour chart and looks bearish. On the other hand, against the support of the latest low price, building a short-term long position assuming a double bottom is one of the options I am thinking about. This also includes the positive assumption it may rise and the lunar candle may turn positive after that.”


I assumed, and it happened to turn out as such.


↓ BTCUSD 8-hour candlestick chart (as of this week)

Actually, the price movement was as expected, so we built a short-term long position.


Keep in mind price movements at the beginning of the month are relatively easy to trade, not just this time.


Anyway, it is still a ranging market centered on $20,000, so I would like to trade it so as not to forget it.


↓ BTCUSD 8-hour candlestick chart (comparison of similar figures)

Also, as shown in the chart above, the shape of the current range and the range during May are similar. It may not be exactly the same, but I would like to pay attention to this area as a guideline for the horizontal axis of a range break.


Overview of ETH


↓ ETHUSD weekly candlestick chart

As mentioned in last week’s article, “ETH, like BTC, seems to be forming a ranging market for a while. Specifically, it is assumed the upper limit of the range is around $1,400 and the lower limit of the range is around $800.”