July 19th Bitcoin Market Outlook
It's the weekend market outlook again. Last night, Bitcoin once again entered a volatile phase, but the movements were large yet shallow. It rebounded back up near 11,700, which aligns with the expectations for a consolidation range. Yesterday, the support range was between 117,500 and 118,500, first taking 1,000 points from 118,500 in the evening, and then a reminder to take 500 points from 117,500 at night. When the Bitcoin pattern starts to change rapidly in a short time, we must withdraw in a timely manner and not think about holding on, as this might lead to deeper losses. Only by standing on the shore can we see the changes in patterns more clearly and intervene at the right time!
Currently, from the four-hour perspective, Bitcoin still has slight consolidation needs, and an end to this consolidation may lead to further upward movement. Fortunately, today is another weekend, so liquidity will weaken somewhat, so it's still recommended to focus on short-term trading! Continue to pay attention to the fundamental news, such as the interest rate cut process from the US, as these are factors that can influence the Bitcoin pattern.
For today, the short-term support for Bitcoin is seen at 116,500-117,000, and it might be considered to accumulate nearby; the short-term resistance above is seen at 119,700-120,700, and it might be considered to take short positions nearby. (Market changes quickly, remember to take precautions)
(Personal experience sharing, for reference only❀)
