7.23 Early Morning Thoughts

In the current market, Bitcoin is becoming increasingly active as it approaches a breakout, with expanded volatility and frequent tests of upper and lower resistance. The daily line shows a bullish breakout from the moving average resistance, yet the upper and lower shadows are long, and the body is shrinking, indicating that the tug-of-war between bulls and bears is expected to last at least two more days before a strong breakout occurs. On the four-hour level, the Bollinger Bands are slightly opening upwards, with strong resistance at the upper band, causing the price to quickly retract upon reaching it, making it a good point for shorting. Combining this with the hourly chart, Bitcoin is gradually retracing deeper to its low points; although the bulls are quickly recovering, the market still leans bearish. The thoughts at midnight remain unchanged, continue to short.

Suggestion: Short Bitcoin around 190,000-195,000, target 117,500, and if it breaks out, continue to look downward.