7.22 Tuesday Zhimin's Midday Analysis and Suggestions
The price performance of Bitcoin on the 4-hour chart resembles repeated testing within a narrow channel. The price encountered strong resistance near the upper bound at 120,000, and the bullish momentum was thwarted here, failing to effectively break through and quickly retracting, falling all the way to the lower bound position. During the morning session, the bearish force further intensified, causing the price to lose support at the midline and directly dip near the lower bound where it found temporary support, halting the consecutive decline. This series of movements clearly indicates that the current 4-hour chart level market is in a back-and-forth oscillating state, with weak price sustainability, exhibiting fluctuating characteristics that make it difficult to form a strong one-sided upward or downward trend.
From the perspective of external influencing factors, the US dollar has shown a short-term upward trend, which significantly suppresses the further upward momentum of Bitcoin's price. As the world's primary reserve currency, the US dollar's trend often shows a negative correlation with risk assets such as Bitcoin. When the US dollar strengthens, investors may withdraw funds from risk assets and shift them to dollar-denominated assets, thereby causing the prices of cryptocurrencies like Bitcoin to be pressured. The recent short-term rise of the US dollar has created greater resistance for Bitcoin bulls when trying to push the price up, further exacerbating the oscillating state of Bitcoin's price.
Zhimin's Suggestions
Bitcoin 116,700-116,200 range watch, look for 118,000-118,500 range
Ethereum 3,660-3,630 range watch, look for 3,720-3,750 range
