7.19 Bitcoin Market Analysis

Yesterday, Bitcoin faced resistance around 120,950 and retraced, currently consolidating above 117,000, with bullish sentiment weakening.

The daily chart shows that yesterday's rebound was not stable due to insufficient supply, and the current pullback is testing support. If the high point from yesterday cannot be broken, the oscillating pattern may continue. The hourly chart's Bollinger Bands are narrowing, and the price is running in the middle-lower band, suggesting a strategy of shorting high and going long low.

Enter long at 116,500—117,000 with a target of 120,000 and a stop loss of 500 points; if broken, aim for 121,000.

Enter short in the range of 119,800—120,300 with a target of 117,000 and a stop loss of 500 points. #BTC $BTC