7.7 Morning Trend Analysis
In the early morning, the market experienced significant volatility. The price of Bitcoin briefly touched around 109,000, but due to significant selling pressure above, it failed to stabilize effectively and subsequently began to pull back, reaching a low of 108,200. This support level showed strong buying interest, and the price quickly rebounded, currently rising back to around 109,000. From a technical analysis perspective, although the price briefly surged, it did not sustain that move. Currently, the price is above the middle band, but the resistance at the upper band is evident, indicating a potential trend for a retracement to the middle band, narrowing of the range, and a downward breakout. Considering the current market sentiment and the performance of technical resistance levels, it is recommended that the morning trading strategy primarily focuses on short positions, closely monitoring the breakout of the upper resistance levels and the key lower support levels.
Bitcoin Trading Suggestions
Enter short in the range of 108,700-109,500, with a target looking down at 107,500 and around 107,000. If it breaks below, continue to look downward. If it reaches near the target, consider trying to go long.