Daily thoughts on the market from the CryptoPrime team 07/14/2023:#marketoverview#Web3 #token
Today, 25 thousand options on BTC and 176 thousand options on ETH will expire. Expirations in large derivatives markets often lead to increased volume and volatility in the underlying assets as traders rebalance positions or exit them. Be careful!
#BTC There are no changes to my idea on the medium-term market movement. Against the backdrop of news on XRP, buyers managed to pinch the lower border of the $31,400-32,900 block and so far we are seeing a slight pullback. I expect a retest of the $31K level and a second attempt to storm the above-mentioned resistance block. After entering this zone, I expect more aggressive sales and a deep correction.
#ETH Buyers managed to hold the price above $1860 and rising support. In one strong impulse movement, the ether reached the $2000-2020 seller’s block, pinning it, from where the instrument rolled back. Without a strong pullback reaction to the LP of this block, I expect the instrument to continue to grow towards targets of $2120-2140.