Crypto Circle Academician: On July 23, Bitcoin's bullish momentum is exhausting, and the shadow of a bear market is beginning to appear? Latest market analysis and operational advice analysis
Current Bitcoin price is 119,150, it's currently 1:30 AM Beijing time, Bitcoin has approached around 120,000 again. Friends holding Bitcoin at 116,000 should consider exiting or should exit, as the market has provided an opportunity to go south again. The bullish force is clearly weakening. At this time, if the quick profit from the wave exceeds 2,000 points, it can be taken. Still, the same advice of constantly seeking opportunities to go south. In the short term, everyone can enter and exit quickly to prevent the risk of a pullback. The larger trend has not broken down, so the best way is to wait for a pullback support below 117,000 to test the long position, as the accuracy will be much higher.
Before the release, the daily K-line had a high of 119,600 and a low of 115,850. The EMA trend indicator is still showing an upward trend. The EMA15 trend fast line has reached 116,300, while the EMA30 has broken the dividing line of 786. The MACD is showing a decrease in volume with a divergence pulling up, while the top divergence trend is obvious. The DIF and DEA have formed a dead cross, and the upper pressure of the Bollinger band is moving down, with effective support at the middle track of 115,000. The idea is that if it does not break the middle track, it can go north, with a test long position around 120,000.
The four-hour K-line shows a doji star and a previous bullish engulfing pattern, indicating that the bullish trend still exists, but the bullish momentum is slowing down. The EMA15 and 30 overlap at the line of 118,000, the MACD is increasing in volume, and the K-line is moving down. After hitting the upper track of the Bollinger band at 119,500, it was pushed down, indicating that the pressure at 119,500 is effective. Pay attention to the short-term support at the middle track of 118,000 and the lower track support at 116,000. The current idea is to primarily go south and temporarily not consider going north; we will discuss after the bottom is found.
Short-term strategy reference: The market is never 100%, so always set a stop-loss. Safety is the first priority; small losses and big gains are the goal, especially when breaking key pressures and supports, one should stop-loss and not hold onto losing positions.
Northern test long position points are 116,500 to 116,000, with a defense at 115,500, stop-loss at 500 points, and targets looking at 117,500 to 118,000, with a breakout looking at 118,500 to 119,000.
Southern test long position points are 119,000 to 119,500, with a defense at 120,000, stop-loss at 500 points, and targets looking at 118,000 to 117,500, with a breakout looking at 117,000 to 116,500.
Specific operations should be based on real-time market data. For more information, please consult the author. The article may have a delay in publication; it is recommended for reference only, and the risk is self-borne.
