Analysis of the Bitcoin market on July 22nd.
The performance of Bitcoin on the 4-hour chart resembles repeated probing within a narrow channel. Strong resistance was encountered near the upper boundary around 120000, where the bulls' momentum was thwarted, failing to break through effectively and quickly retracing down to the lower boundary. In the morning session, the bearish forces intensified, causing the price to fall below the mid-support level, directly probing down to the lower boundary before finding brief support, halting the continuous decline. The current market on the 4-hour chart is in a choppy oscillation state, with extremely weak continuity, showing repeated fluctuation characteristics, making it difficult to form a strong unilateral upward or downward trend. Currently, the market is fluctuating around 117000, with a continuous tug-of-war between bulls and bears, and the bearish trend is gradually showing signs of weakness. It is important to pay attention to key levels being broken. For the short term, we still aim to position ourselves with a low-buy strategy, ensuring to maintain proper defense!
Bitcoin; Buy near 116000-116500 Target 117500-119000
