July 17th Bitcoin Midday Analysis:
Yesterday, Bitcoin and Ethereum's price movements diverged significantly, with funds temporarily favoring the Ethereum market. From recent performance, Bitcoin has experienced a surge, indicating a need for technical correction and repair, a trend that is still quite evident in the morning session.
On the technical indicator front, the Bollinger Bands' middle line is gradually narrowing upwards, and the RSI indicator has rebounded from the oversold zone (<30) to a position of 48, signaling a consolidation phase. In the short term, Bitcoin is more likely to focus on technical repair, and directional choices need to wait until the adjustment is completed for clarity.
It is worth noting that under the current capital rotation, Ethereum's volatility may be stronger than Bitcoin's, so its movements should be closely monitored.
Trading Suggestions:
- Consider going long in the 117300-117500 range, targeting 120000;
- Attempt to short in the 119500-120000 range, targeting down to 118000.
