Crypto Scholar: Is the 120,000 threshold for Bitcoin on July 17 a 'Dragon's Den'? Must-know stop-loss secrets! Latest market analysis and reference advice
Bitcoin current price is 119,600, and it is now 2:30 AM Beijing time. Bitcoin has once again hovered around the 120,000 threshold. The upper level is no longer related to speculative funds; what remains is a tough support. Many crypto friends are asking where it will go from here. Before the shorts have finished harvesting, the bulls will continue to stretch. As the trend remains unchanged, the best approach is to test the support and try to follow the trend, opening long positions together, with defense set below the support and including stop-loss orders. Safety first.
The daily K-line shows a high of 119,800 and a low of 117,000. The EMA trend indicator shows that all major trend indicators are pointing upwards. The MACD shows a reduction in volume with a top divergence, but the DIF and DEA are expanding at high levels, indicating that the short term is encountering a phased top pressure level. Therefore, after Bitcoin rises above 120,000, we can look for positions to the south to test the waters. Before that, focus on the strength of the bottom support EMA 15 trend support point near 115,000. If the main force retests the support level, we can open long positions. The upper pressure level of the Bollinger Bands is at 121,500, and the middle support is at 112,000.
In the four-hour K-line, we can see that the historical high point is above 123,000. Currently, the K-line is near 119,500. As for whether the historical high point is a head or a left shoulder, we will not consider it for now. As long as the K-line does not break the historical high, testing the waters to the south is valid. If it breaks, set a stop-loss and exit. In this market trend, the best defense mode for speculative funds is to preserve capital and survive, placing that as the top priority. The MACD shows a decrease in volume and increased holdings. The DIF and DEA are contracting at high levels, and the short-term bulls remain dominant. The upper track of the Bollinger Bands is at 122,200, and the middle track is at 118,500. The mindset is mainly to short at high positions. For a northward suggestion, consider waiting for a retest below 118,000 before thinking about it.
Short-term reference: The market is never 100% certain, so always set stop-losses. Safety is the first priority. The goal is to minimize losses and maximize profits.
Testing southward entry point 121,000 to 122,000 break position, defend at 123,000, stop-loss 300 points, target looking at 120,000 to 119,000, break position looking at 118,000 to 117,000.
Northward reference point 116,000 to 115,500 break position, defend at 115,000, stop-loss 500 points, target looking at 118,500 to 119,500, break position looking at 120,000 to 121,000.
Specific operations should be based on real-time market data. For more information, please consult the author. There may be a delay in article publication; suggestions are for reference only and risks are to be borne by yourself. $BTC
