7.21 Morning Thoughts

The current hourly chart shows that the MACD indicator is retracting with the peak of the green bars shrinking, and the bearish momentum is slowing down and approaching the zero axis, intensifying the tug of war between bulls and bears; regarding the Bollinger Bands, the price has slightly rebounded after falling to the lower band at 116500, with the lower band support holding steady for now, but there is clear pressure around the upper band at 118000, suggesting that short-term fluctuations may continue within this range. Key support level to watch is 116500; a drop below may test 116000, while resistance is initially at 117500. The morning strategy suggests focusing on short positions until the trend breaks through.

For Bitcoin, it is recommended to sell in the range of 117500-118000, targeting 116000-115000; if it breaks through, continue to look downward, if not, consider reversing positions.