Monday, July 21st, Zhiming's Midday Analysis and Suggestions
Looking back at the morning, Bitcoin first declined and then rebounded. In the early morning, the price briefly dipped to the 116400 line before the market dynamics intensified, and then gradually rebounded to the 118600 area, showing a bottoming-out trend.
Looking at the market, from the hourly Bollinger Bands structure, the current middle band and lower band have entered a flattening phase, which means that the short-term support strength is gradually solidifying, and the momentum is tending to converge; while the upper band is synchronously diverging, indicating the possibility of further opening up in the market. Additionally, after breaking through the middle band, Bitcoin has been continuously operating above the middle band, indicating that the short-term market dynamics have switched, and the bulls are starting to take control, with initial momentum being released. The MACD dual lines formed a golden cross above the zero axis and continue to operate upwards, showing that the previous market dominance by the bears is weakening, and it means that the bulls' momentum has entered an initial release phase. However, it has not been able to break through the resistance at 118500, highlighting the fact that the current bullish momentum is weak.
Zhiming's Suggestions
Bitcoin around 118700-119200, look for support around 118000-117000
Ethereum around 3780-3800, look for support around 3730-3700
