Analysis of the Bitcoin Strategy on the Evening of July 21

The current price of Bitcoin is approximately $118,843. The 1-hour chart shows that the price is forming a bullish correction pattern supported by the midline of the Bollinger Bands and the midline of the DC channel, maintaining a good short-term upward trend.

Key Points of Technical Analysis:

- The key support zone of 118,000-118,300 is formed by the midline of the Bollinger Bands (118,286) and the midline of the DC channel (118,072).

- After the price retraces to this area, there is a clear support from bullish buying.

Trading Recommendations:

When the price retraces to the support range of 118,000-118,300, consider gradually building long positions. Risk control should be set below 117,500, with target levels sequentially at 119,500 and the round figure of 120,000.