7.11 Bitcoin (BTC) Market Analysis Reference
Bitcoin's intraday morning market broke through new highs, once again refreshing historical peak levels, with prices showing a strong upward trend. The current high point is around 113760, and this upward movement has reached an increase of over 3000 points, reigniting bullish sentiment and further opening up the upward space.
From the short-cycle hourly chart, with this wave of upward movement breaking new highs, the upper Bollinger Band gap has opened. Prices are slightly under pressure at the 113760 position, and the market is experiencing a pullback into high-level consolidation. The overall trend is upward, so subsequent operations are advised to focus on long positions. The strategy is to maintain a buy on pullbacks; if new highs are broken, follow the trend to capture short-term gains. Support below is focused on the 111500 line, followed by around 111000. Mr. Coin reminds everyone that with an intraday increase of nearly 3000 points and the market breaking new highs, it is essential to prevent the market from pulling back and entering the consolidation range again. Therefore, continuing to chase long positions is not recommended; it is best to capture profits in a stable manner. When faced with significant market fluctuations, it is advisable to observe rather than act.
Short-term Bitcoin Reference:
Lower test entry point 113600-114500, stop-loss 115500, target 112500 and below,
Upper test entry point 110500-111500 long, stop-loss 110000, target above 112000
