7.24 Early Morning Market Analysis
On the daily level, the market trend remains stable between the upper and middle bands of the Bollinger Bands, maintaining a wide fluctuation pattern. From the performance of the candlesticks, the alternating characteristics of bullish and bearish candles are quite obvious, forming a relatively clear fluctuation range.
Looking at the 4-hour level, the current market shows a clear downtrend, with prices having effectively broken below the support level of the Bollinger Bands' middle band, gradually testing the lower band area. The latest long bearish candlestick has no upper shadow, and this pattern directly indicates that bearish forces have an absolute advantage, with selling pressure continuing to increase.
From the perspective of trading volume, the signs of increased volume on bearish candles are quite evident, further validating the effectiveness of the current downtrend. Based on this, during the early morning period, we can continue to wait for a rebound opportunity, at which point it is advisable to adopt a high short strategy.
Bitcoin recommendation 🉑 to enter shorts around 118200-118700, targeting near 116000-115000. If broken, we can continue to look down; if not broken, we can try to reverse positions.