July 17th Bitcoin Thoughts in the Early Morning

Bitcoin's current price has reached a high again, and after-hours trading in the US stock market shows Bitcoin continuing to fluctuate! The market is chaotic. Based on the 4-hour chart, it is expected to reach around 121,000 tonight. On the news front, Trump is drafting a proposal to remove Powell from the position of Federal Reserve Chair. Most of the market is optimistic about a rate cut in September! However, this is often just surface-level!

Trading Strategy: Go long at 118,400 to 119,000 to set up long positions, targeting 121,580. Stop loss at 117,320. It is important to note that the current trend of Ethereum does not recommend going short!