Saturday Afternoon Analysis of Bitcoin on July 19

Yesterday, the Bitcoin market showed significant volatility, peaking around 121,000, then oscillating downwards, with a minimum touching around 116,800, resulting in a daily drop of 4,000 points.

After four consecutive bearish candles on the four-hour chart, it found support at the lower Bollinger Band, but the narrowing Bollinger Bands indicate insufficient momentum. The rebound strength is weak, consistently constrained by the mid-band resistance. Although there was a small bullish rebound on the one-hour chart, the body is relatively small, the Bollinger Bands are opening downwards, and the mid-band resistance is evident, indicating a continued weak oscillation in the short term.

Trading Suggestions:

🌱 Go long near Bitcoin 1186-1189, target around 1173

🌱 Go long near Ethereum 3610-3630, target around 3510

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