7.15 Bitcoin breaks through the 120,000 mark, where is the support below?
Bitcoin broke through 120,000 today and reached a high of 123,000. Currently, during the 4-hour upward process at the top, there has been significant divergence. Since the breakout of the new high, it has risen by more than 10,000 points. After breaking the pressure of the trumpet shape, strong pressure has turned into support, which has currently been raised to 116,500. In the future, it is highly likely to enter a consolidation range and during the consolidation process, it may revisit the low point of 116,500 to form a disconnected line shape. Yesterday, a short position for Bitcoin was also given at 121,500, seeing a price of 117,000. Today, it has pulled back as expected to drop to the key support of 117,000. Currently, this support is holding and trading sideways at this position.
Bitcoin's major orders are frequently fluctuating, and the short-term direction may have uncertainties! In the last 12 hours, the buying and selling forces of the main players are basically balanced, frequently testing the key support position. Combined with the doji signal of the current 2-hour candlestick pattern, the market is at a critical node for direction choice. At the same time, the price is below the EMA24/52 moving averages, showing an overall downward trend, but the KDJ indicator has entered the oversold area, which may trigger a rebound. Tonight, we will continue to follow the short-term long strategy.
Operation suggestions:
Long Bitcoin at 116,500-117,000, target around 120,000-123,000. Defense at 116,000.
Long Ethereum at 2,950-2,990, target around 3,080-3,180. Defense at 2,920.