Bitcoin Market Analysis (July 13th, Early Morning)
Current Trend:
Bitcoin faced resistance and fell back after reaching around 118800, dropping to a low of 116800, and then entering a phase of consolidation.
Key Observations:
1. The overall trend is still dominated by bulls, but the short-term increase is significant, and there is a need for market correction.
2. 120000 USD is an important psychological level, and a short-term breakthrough is challenging. It is expected to first undergo a deep correction and then gather strength for another upward move.
Trading Suggestions:
• A short position can be considered if it rebounds to the 118000-119000 range, targeting 116800 USD; if it breaks below, further downside to 116000 USD is anticipated.
• If it stabilizes around 116000 USD during the correction, keep an eye on low long opportunities, waiting for the next round of increase.
