7.23 Morning Bitcoin Analysis
The weekly chart has recorded four consecutive days of positive closing, with a solid body reflecting the market's strength. In the short term, following an increase in trading volume, the price is consolidating at a high level without making new highs or showing significant pullbacks, still demonstrating a strong trend during local adjustments. Despite this, short-term technical indicators have shown signs of bearish divergence, indicating a buildup of demand for adjustments.
Considering the high-level consolidation after continuous gains, one should be cautious of the risk of "increased trading volume easily leading to peaks" and avoid chasing prices at the end of the rally. It is expected that the market will oscillate repeatedly at high levels, undergoing a washout consolidation, with a possibility of further testing new highs before pulling back. In terms of operation, one should respond in real-time to market conditions, combine technical patterns, and consider implementing short strategies after price surges.
Bitcoin: 120500-121000🈳 Target 117500
Ethereum: 3725-3750🈳 Target 3650