Analysis of the market on the afternoon of July 21

The direction is wrong, and efforts are wasted; this saying refers to those who do not like to follow the trend. Whether it's a buy or a sell, if the plan and strategy are not in place, it is difficult to achieve a better outcome. If it rises, they sell; if it falls, they buy, following subjective ideas can easily lead to unnecessary losses. What we need to do is to follow the trend. In the morning, it was repeatedly mentioned that a pullback is an opportunity to get on board, and entry points for long positions were suggested. In the afternoon, Bitcoin peaked near 119300, and long positions captured nearly 2000 points of movement. The altcoins also perfectly confirmed our morning strategy, gaining over 104 points. Currently, the market touched the short-term high and has retraced, re-entering a slow upward trend. The thinking remains quite clear; we should continue to follow the pullback to enter long positions.

On the daily chart, the bulls are strongly counterattacking, reclaiming nearly half of the lost ground, with significantly long lower shadows highlighting the support strength. The four-hour chart shows that the trend has entered a contraction pattern, clearly indicating that the bearish momentum has significantly weakened. Meanwhile, the hourly level rebound has touched the upper channel line and is showing signs of expansion, indicating that short-term upward momentum is accumulating. Considering signals from various time frames, the market's short-term sentiment leans towards bullish. In the morning's operations, one could consider relying on hourly support to place long positions, capturing potential continuation rebound opportunities.

Bitcoin is around 118000, with expectations to see 119500-120000.

Altcoin is around 3780-3760, with expectations to see above 3900. #加密立法新纪元 $BTC