Tuesday, 7.22 Zhiming Midnight Analysis and Suggestions
Looking back, Bitcoin has been consolidating between 116,500 and 119,500. The altcoins and scams have surged again, with the altcoin breaking the high point and reaching the 3,857 level in the evening. This aligns with our previous mention of the 3,850 level as a short-term weekly level of pressure for the real body candlestick. If it cannot effectively break through, it will likely retrace and test the support around 3,680. After a breakout, it could reach around 4,000, but considering that the 4,000 level is not far and the space is not as large as imagined, flexibility in response is needed.
Looking at the market, the current daily candlestick pattern shows several consecutive bullish candles, indicating a strong upward trend. On the 4-hour timeframe, there has been recent high-level consolidation, forming small upper shadows, but overall it remains in an upward channel. Technical indicators on the 4-hour timeframe show that the DIF and DEA are running above the zero axis, with the histogram turning from negative to positive, indicating increased momentum; the daily level continues to expand, with bulls in control. However, there is short-term pressure above, and we first expect a pullback, with effective support below before looking for a rebound.
Zhiming's Suggestions
Bitcoin around 117,800-118,300, watch for 117,000-116,000
Altcoin around 3,790-3,820, watch for 3,730-3,700
