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‼️August 2 ‼️
# Mainstream Market Analysis
1. U.S. stock market trend:
--Last night, the US stock market validated the logic of the unexpected sharp drop from the day before. A daily turning point has formed, and the trend has changed, confirming that there is over 70% bearish sentiment here indicating a need for adjustment. The trend line has been broken; if it doesn't recover in three trading days, an adjustment period will begin, and defending large positions should be the priority.
2. #BTC Trend:
-- Recently emphasized that 114892 cannot be broken, breaking below this support area turns into a resistance area. The oscillation space on the 4-hour chart has already been worn down. (1) Pay attention to whether the resistance level near the descending channel at 114433 can be effectively broken. (2) There is a 20% probability that the vicinity of 114892 can break through with volume. It is recommended to continue adding to short positions until this point. (3) The neckline of the M top has been broken, pay attention to the support at the one-time space level, with the first support position at 109862.
3. #ETH Trend:
-- Yesterday's validation has weakened, and the adjustment is the main focus. The M-head has been broken, and the support at 3506 has been lost. The M-head on the 4-hour level has evolved into a confirmed M on the daily level, which has already been broken. We need to wait for this adjustment to end before launching a counterattack to break through the 4000-4100 point range. The core position to focus on is the rebound at 3160 points. Short positions should be established around 3550-3600 points during highs.
4. The current key support level for #BTC is:
The core movement of the NASDAQ in the US stock market last night led to a decline in BTC.
• Upper resistance: The original support at 114892 has turned into a resistance level, with support below around 109862 providing double the space for the M head. Long positions should stop loss and exit to observe subsequent changes, as speculation cannot be heavily leveraged. Short positions can take profits and close or slightly increase their positions, and additional positions can be added around 114892.
Note: Control the position size for long positions with small amounts. Small losses should not turn into large losses, and stop losses should be set in a timely manner.