7.15 Bitcoin (BTC) Market Analysis Reference
Bitcoin's intraday market broke upward in the morning, surpassing the 120,000 resistance level, with the price reaching around 123,300. The price has once again refreshed its historical high, but subsequently, the bullish supply was insufficient, leading to a pullback and entering a high-level consolidation. As of the time of writing, the current price is operating near below the 120,000 level.
Looking at the short-term 4-hour chart, the Bollinger Bands are opening upward, and the price is operating in the middle to upper band area. Short-term supply and demand are taking turns to exert force, with the price maintaining consolidation near the five-day moving average, entering a period of fluctuation. The attached MACD shows the two lines are close, with the upward momentum weakening (indicating a potential death cross), and both RSI and Stoch have a downward trend. Therefore, it can be seen that there is still a risk of a pullback in the subsequent market. Although the price has broken through the 120,000 level, there has been no stabilization in the trend, so the subsequent operations should be cautious, or revisit to enter long positions. Support levels to watch are 118,500 - 119,000. If the price stabilizes at the 120,000 level, the increase is expected to continue. Thus, it is suggested to primarily focus on long positions during pullbacks.
7.15 Bitcoin Short-term Reference:
Lower test entry point: 123,500 - 122,500, with a stop loss at 124,800; target below 121,000,
Upper test entry point: 118,500 - 119,500 long, with a stop loss of 500, protect at 116,000; target above 120,000
