7.16 Evening Bitcoin and Ethereum Analysis
In the afternoon, Bitcoin continued its strong upward momentum, breaking through the 119,000 barrier, and the short-term bullish structure is becoming increasingly clear.
From the 1-hour structure, the Bollinger Bands are showing a typical expansion with the three lines moving upward in parallel, indicating a steep incline, which shows that the main upward wave rhythm is still continuing; the K-line is operating along the upper track without detachment, representing a typical strong trend characteristic.
The MACD indicator is synchronously expanding, with the two lines moving upward in parallel, showing no signs of dullness or top divergence, indicating that the current upward momentum remains healthy, and the short-term bulls still have the potential to push higher.
Trading Suggestions:
Bitcoin: Range trading between 108,500 and 108,000, targeting 120,000 to 122,000;
Ethereum: Support to focus on 3,130 to 3,100, targeting the range of 3,180 to 3,250.
