Morning Trends on 7.23

Last night, although Bitcoin experienced a sharp decline, it quickly began to rebound, ultimately breaking through the 120,000-point level, reaching 120,400. However, after that, the bulls were unable to maintain the upward momentum and began to pull back in the morning.

From the 1-hour K-line of Bitcoin, it can be seen that as the price approached the upper Bollinger Band, there was significant pressure above, leading to a downward movement. It is currently in a state of gradual decline, with the price falling below the upper Bollinger Band, indicating a downward trend. Overall, it is in a retracement phase. Additionally, the MACD lines showed a clear peak during their upward movement and have started to decline, with bullish momentum gradually weakening. The KDJ lines have crossed downwards and a golden cross has appeared, indicating a downward trend.

It is recommended to buy Bitcoin near the range of 119,500 to 120,000, targeting around 118,000, 117,000, and 116,000. If it breaks through, it can continue to look downward; if it does not break, one can consider a reversal.