7.9 Wednesday Morning Analysis:
Bitcoin showed a volatile upward trend yesterday but faced significant pressure. After rebounding from the support level of 108,000, the price briefly broke through the 109,000 mark to a high near 109,100 but failed to establish a solid footing. Overall, the market is exhibiting consolidation characteristics, with both bulls and bears continuously competing at key levels.
On the 4-hour chart, the Bollinger Bands have narrowed, and the price is unable to break through the upper band, showing signs of stagnation in the short term. On the daily chart, the highs are gradually declining, and the short-term rally has failed to break key resistance. The long upper shadow of the candlestick indicates significant selling pressure above, hindering the bullish momentum. Although the price has shown some resilience against declines in the short term, the resistance at 109,700 has not truly been broken, increasing the likelihood of a pullback. Overall, the weak rebound at lower levels is not a reversal; for now, consider a high short strategy during the day.
Operational Recommendations:
Bitcoin: 109,200-109,600 range, target around 108,000.
Ethereum: 2,630-2,650 range, target 2,520-2,550.
In a bull market, traps outnumber opportunities! Want to avoid pitfalls and seize real opportunities? Tap the profile picture to follow me! I share practical tips and first-hand information every day to help you profit in this bull market, avoiding being a 'vegetable'! Follow along, and don't get lost in your investments!
