Bitcoin Daily Level shows that after a significant price increase on July 2, it has entered a high-level consolidation phase, currently forming a long upper shadow candlestick (like on July 4), indicating heavy selling pressure above.
- In the 2-hour cycle, the price quickly rose from around 108,000 to around 109,700, but then experienced a pullback, currently in a short-term adjustment phase.
2. Technical Indicators:
- MACD:
- The daily level DIF and DEA are still above the zero line, but the bullish momentum bars are gradually shortening, indicating weakening upward momentum.
- In the 2-hour cycle, the DIF and DEA have a golden cross upwards, but are close to the top region, caution is needed for divergence risk.
- RSI:
- The daily RSI is around 63, not yet entering the overbought zone, but has become relatively strong.
- The 2-hour RSI is 59.52, falling back from the overbought area, indicating a certain short-term correction demand.
- EMA:
- EMA7, EMA30, EMA120 are in a bullish arrangement on the daily chart, the trend remains upward.
- In the 2-hour cycle, EMA7 (108,871) provides support for the price; if it breaks below, it may test EMA30 (108,473).
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3. Trading Volume:
- Daily trading volume gradually shrank after a massive increase on July 2, indicating a cooling market sentiment, with insufficient willingness to chase higher at high levels.
- The trading volume in the 2-hour cycle fluctuated significantly; after an earlier breakout with increased volume, the recent candlestick volumes have significantly decreased, indicating increased wait-and-see sentiment.
【Buy and Sell Reference Points】
- Buy Point One: 108,000 U (Reason: Near the previous pullback low, while close to the 2-hour cycle EMA30 support level, integer level has strong support)
- Buy Point Two: 107,500 U (Reason: Closer to the daily level EMA120 support area, and near the important swing low since July 1)
- Long Stop Loss Point: 107,200 U (Reason: After breaking below 107,500, the possibility of further decline increases; this position is a confirmation point for a key support loss)
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- Sell Point One: 109,700 U (Reason: Recent high point resistance, with clear selling pressure above; this price level previously showed a long upper shadow)
- Sell Point Two: 110,500 U (Reason: Integer level resistance, while close to the highest point of July 3 at 110,529, significant resistance exists)
- Short Stop Loss Point: 110,800 U (Reason: Breaking above 110,500 will open up new upward space; this point is an important confirmation point for breaking resistance)