7.7 Bitcoin Faces Resistance at High Levels, Patiently Waiting for Bullish Momentum
Bitcoin has been consolidating at high levels, with 110,000 being a false alarm that still came down. The important support at 107,200 has not been broken, each time it has only pretended to move up, but the daily Bollinger Bands show signs of opening upward, with space still available above. Currently, we are just waiting for a big bullish candle to break the strong resistance at 110,000. Then we will complete the conversion of the death line of the top and bottom. Currently, the trading volume is obviously lacking, so we can patiently wait for the daily breakout.
Ethereum also counts as a genuine daily breakout, with Bitcoin slightly pulling back, while Ethereum has directly plunged. A couple of days ago, the highest point was around 2,630, then it quickly fell to the 2,473 level. The focus now is on this bottom level; if it holds, we can consider going long at lower levels.
Trading Suggestions:
Bitcoin 107,700-108,200 long, target around 111,000-113,500. Stop loss at 107,000.
Ethereum 2,480-2,520 long, target around 2,700-2,850. Stop loss at 2,440.