7.4 Morning Bitcoin Market Analysis

Looking back at last night's market, Bitcoin's price successfully broke through the $110,000 mark again, reaching a high of around $110,500, but failed to maintain the upward momentum.

Currently, the Bollinger Bands are opening parallel, with the bandwidth narrowing to 0.85%, indicating that short-term market volatility has significantly decreased, and the market is likely to enter a phase of range-bound consolidation.

Looking at the MACD indicator, the double lines have shifted from a golden cross to a death cross, and after five trading periods of continuous intertwining below the zero axis, the distance between the lines is gradually widening, with the green momentum bars continuously strengthening, indicating that short-term bearish forces are dominant.

For Bitcoin, short positions should be taken at highs in the $109,700 - $110,000 range, with target prices at $108,800 - $108,400;

For Ethereum, attempt to short in the $2,600 - $2,640 range, with target prices at $2,520 - $2,480. #币圈