7.23 Bitcoin Aunt's Morning Thoughts

From the hourly chart, Bitcoin is currently close to the upper Bollinger Band, with consecutive appearances of 'long upper shadow + small bullish candle'. There is obvious selling pressure above, and bullish momentum is starting to weaken.

The MACD red bars are shrinking, and the DIF and DEA are sticking together at a high level, with a death cross possibly occurring at any time. If the price does not continue to rise, the bears may start to gain strength. The KDJ three lines are still in the overbought zone and are becoming dull at a high position. Once the J value falls below 70, the correction signal will be basically confirmed. Adding the MACD death cross signals a very typical starting point for a decline.

Personal Suggestions

Bitcoin: Enter at 119800-120500, target down to 118000, if it breaks below, look at 116000. Personally, I still see a big direction towards 108000$BTC .

Aunt: Enter at 3750-3780, target down to 3650-3600.