As mentioned in multiple previous overviews, July is typically a bullish month. Repeat after me: “I will HODL this summer.” This is the moment we’ve all been waiting for. Let’s cover how far the crypto market can go over the next two months.
7 Days Heatmap
The 7-day heatmap is screaming bullish, as almost the entire crypto market is ending the trading week on a strong note. BTC surged by over 5.5%, followed by ETH with a gain of around 7%, and the rest of the market followed suit.
BTC Analysis
As per our last roundup article, BTC broke above the last major high at $110,500, confirming the start of the bullish impulse phase.
BTC is now in a price discovery phase — the sky is the limit.
Since we are now bullish, every bearish correction is an opportunity to look for trend-following longs to capitalize on the next bullish impulse.
Based on the current price action, the $110,500 level is a strong support, aligning with the blue trendline.
ETH Analysis
As per our latest ETH update, it broke above the green structure at $2,677 and surged by over 15% to reach our target at $3,000.
For the bulls to remain in control and take over in the long term, a break above the $3,100 resistance level is needed.
In parallel, as ETH retests the rising blue trendline, we will be looking for trend-following long setups on lower timeframes.
Quote of the week
Do more of what works and less of what doesn’t.
~ Steve Clark
Closing Remarks
In summary, the crypto market is off to a strong start this July, historically a bullish month.
BTC has confirmed a bullish impulse phase by breaking above $110,500 and entering price discovery, while ETH surged over 15% to hit the $3,000 target.
With both BTC and ETH holding key support levels and retesting trendlines, traders are eyeing trend-following long setups on corrections.
The overall sentiment remains bullish as the market gears up for what could be a powerful two-month rally.
