7.16 Bitcoin Latest Market Analysis
The current price of Bitcoin is 117,600. The market is showing characteristics of consolidation after a high-level correction. The forces of both bulls and bears are relatively balanced, and market volatility has decreased. Therefore, in the short term, the market appears to be weak overall. Although the bear momentum has weakened, there are no obvious signs of a reversal yet. The price may continue to fluctuate within the range of 116,000 to 118,000. It is essential to focus on the effectiveness of the support near 116,000 and the breakout situation at the resistance of 118,000. Lastly, Liying suggests that if the price finds support around 115,300, a light position can be attempted, with an initial target set at the resistance level near 118,000. However, a quick stop-loss should be placed below the support level to avoid further downside risks. If the price breaks through the 118,000 resistance with increased trading volume, it may confirm a short-term reversal, and one could consider gradually increasing positions, targeting around 120,000. Conversely, if the price falls below the 115,300 support level, it is advised to remain cautious and wait for the market to stabilize or for new signals before taking action.
Short-term Strategy Reference:
Long entry at 116,000, stop-loss at 115,300, stop-loss of 500 points, target at 119,000
Short entry at 119,000, stop-loss at 119,500, stop-loss of 500 points, target at 116,500
