Bitcoin has been trading sideways at a high level for 20 trading days since it reached 30,000 on June 21. In another 10 days, it will be a month. At this point, neither the bulls nor the bears are willing to give in. Both want to defeat the other but cannot. It seems that both are waiting for an opportunity to defeat the other in one fell swoop. Who will sound the charge first?

For the mid-July market, the bulls should have a high performance for the following reasons:

1: This week, the U.S. Financial Committee’s meeting on cryptocurrencies focused on implementing the definition of ETH as a commodity. This positive news is no less than the previous rebound in Bitcoin.

2: Although the big cake is currently in a weak form, but judging from the four-hour K-line, it is at the triangle support level. This position is relatively critical and can also be understood as a life-and-death battle between bulls and bears.

If this position can stabilize, and then coincides with the favorable opportunity for ETH to confirm the commodity, it will set a new high later; if the bulls give up waiting, it will directly weaken the bulls' offensive momentum. Therefore, today's market is very critical. Although it seems that there is not much volatility, it hides the decisive battle between bulls and bears.

Looking at Ethereum's daily chart, the same situation exists. The shape looks weak, but there is strong support below.

Therefore, for the current market operations, Yiming believes that the best way is to hold spot positions unchanged, and it is more appropriate to hold positions with less than 30% of the position or profit.

Market analysis:

BTC: Lower support range: 29350~29800; upper pressure range: 30780~31250

ETH: Support level is around 1840; upper pressure level is around 1875;