Midnight Thoughts on Bitcoin on July 23
From the current market perspective, Bitcoin is approaching a sharp slope formation, with noticeably active movement and a larger fluctuation range compared to previous days, frequently testing key resistance levels both upwards and downwards. Although the daily candle has broken through the moving average resistance, whether it can stabilize still needs observation, with elongated upper and lower shadows and a shrinking body, indicating a clear tug-of-war situation.
On the four-hour chart, the Bollinger Bands have slightly opened, with strong pressure on the upper band. The price has touched this level multiple times and quickly retreated, making it an ideal short position for the short term. The hourly chart shows a deepening pullback, and even if it quickly recovers, the market's focus appears to lean bearish. The midnight thought continues to lean bearish, with a preference for short positions at higher levels.
Personal Suggestions
Bitcoin: Enter shorts at 119,000-119,800, with a target looking down at 117,000. If it breaks down, continue to look lower, with the main direction still targeting 108,000.
Altcoin: Enter shorts at 3,750-3,780, with a target looking down at 3,680-3,600.
