7.17 Afternoon Thoughts

Hourly technical analysis shows that the Bollinger Bands are in a flattened state, with the three lines tending to be parallel and the space between them continuously compressing, indicating that the battle between bulls and bears is in a stalemate, and the price is likely to maintain a range-bound oscillation pattern in the short term.

In terms of the MACD indicator, the dual lines previously formed a death cross above the zero axis, with bearish momentum starting to release. The dual lines are synchronously extending downwards, showing that bullish momentum has significantly weakened in the short term, and downward pressure has intensified.

Overall, the market in the short term is leaning towards oscillation and consolidation, but the MACD signals indicate that bullish strength is diminishing, and caution is needed for the potential downward breakout risk that may occur during the oscillation process.

Bitcoin trading strategy: Buy on dips around 117150-117650, target 120500.

Altcoin trading strategy: Buy on dips around 3372-3355, target 3525.