Cryptocurrency Scholar: On July 30, Bitcoin fell below a key support level. Is this a desperate counterattack or a deep abyss? Latest market analysis and reference suggestions
Bitcoin current price is 117,500, and it is now 3 AM Beijing time. It has not exited from the 119,800 downward movement yet. Currently, the daily candlestick has just broken the first support at 117,500 and has not yet stabilized completely; there is potential for a pullback. What we need to do now is exchange time for space, and we will discuss it after the market settles. Until then, we must strictly adhere to our strategy.
Before the report was published, the daily candlestick had a maximum of 119,260 and a minimum of 116,900. EMA15 has fallen below 117,530, and we should pay attention to the EMA30 support at 115,250. Also, keep an eye on the Fibonacci retracement support at 112,900 (0.786 level). MACD has shown a continuous decrease in volume for bearish signals, and the Bollinger Bands are contracting. The upper band pressure has risen to 120,000, and the lower band support has dropped to 116,300. The market has compressed to this extent, indicating that a new trend is starting to brew, and we are at a crucial point of potential outbreak. Those who have not exited from the 120,000 downward movement are advised to observe for now and just watch us profit; if you have already entered the downward movement, be patient and hold.
The four-hour candlestick has formed a small 'M' shape trend and has broken the previous low, reaching the EMA120 trend support point at 116,600. The next wave will see if the Bollinger Bands' lower band support at 117,300 can hold. After all, MACD has shown continuous decrease in volume with increased holdings, and the DIF and DEA have formed a death cross, indicating a clear short-term bearish trend. If the pullback does not break 118,300, it is still in a bearish phase. The key support below continues to be watched at 116,300. Aggressive traders can attempt to enter from the north, while conservative traders should wait for a rise before gradually entering from the south.
Short-term strategy reference: The market is never 100% certain, so it is essential to manage stop losses carefully; safety is the priority. Small losses for large profits is the goal, especially when key pressures and supports are broken, stop losses must be executed and positions should not be held against the market.
Entry point for northern movement is from 116,500 to 115,500, with a defense at 114,500 and a stop loss of 500 points. The target looks at 117,500 to 118,500, and if broken, aims for 119,000 to 119,500.
Entry point for southern movement is from 119,800 to 120,500, with a defense at 121,000 and a stop loss of 500 points. The target looks at 118,500 to 117,500, and if broken, aims for 116,500 to 116,000.
Specific operations should be based on real-time market data. For more information and details, you can consult the author. There may be delays in article publication; suggestions are for reference only, and risks are borne by the reader.
