July 17 Evening Bitcoin Trend Analysis
In the afternoon, Bitcoin showed a trend of rising and then falling. After rebounding directly from 117700, it has risen over two thousand points and then began to drop after reaching around 119150, facing selling pressure. The short-term bulls have not formed a sustained movement, and since the 120000 level has not stabilized, we should maintain a strategy of shorting high and buying low!
From the hourly Bollinger Bands, the current pattern shows a parallel tug-of-war, indicating that the price is in a range oscillation pattern in the short term, with relatively small fluctuations. The current price is operating between the middle and lower bands, indicating that the short-term bullish momentum has weakened and is temporarily under pressure below the middle band.
The MACD double lines are showing a converging formation above the zero axis, with the distance between the lines gradually narrowing, and the column momentum is accompanied by decreasing volume. This indicates that the current bullish momentum is in a consolidation phase, and the upward momentum has slowed down in the short term, but it is still within the overall bullish trend framework.
Bitcoin: You can position long near the 117000-117600 range, with targets around the 119000-120500 range.
Ethereum: You can position long near the 3420-3380 range, with targets around the 3510-3550 range.
I am Li Mingjie, a seasoned analyst with seven years of experience in the field, focusing on real-time guidance for mainstream currencies. Friends who are not satisfied with their own trading can follow me.
