$BTC Yesterday afternoon, Bitcoin faced pressure near the 119260 position, leading to a correction of nearly two thousand points. Both bulls and bears are stuck in high-level consolidation. The intraday market saw another attempt to push up, repeatedly facing pressure at the 118000 position, with the price now falling back to around 117500, indicating that the resistance above is still quite strong.
From the daily chart perspective, the price closed lower yesterday, under pressure at the mid-band position. It has broken upward again, but the trend has not stabilized, and the overall upward trend remains unchanged. The MACD and KDJ lines in the auxiliary chart show signs of a dead cross, indicating that the intraday market is leaning towards weakness.
From the hourly chart perspective, due to the market's strong pullback after a surge, the Bollinger Bands are gradually narrowing. Currently, the trend is under pressure in the mid-lower band area, briefly touching the 116900 position for a slight rebound. Both bulls and bears are entering a consolidation phase, with short-term resistance focusing on the 118500 level. If the subsequent rebound can break through, the upward momentum is expected to continue. Currently, the support below is focused on the 116800 level.
7.30 Bitcoin short-term reference:
Try going short at the entry point of 119500-118500, with a defense at 121500. Stop loss: 500, target below 118000.
Try going long at the entry point of 116800-115800, with a stop loss of 500, and a defense at 114000. Target above 117500.
This article may have delays; strategy suggestions are for reference only. The market is changing rapidly, and no matter how high your judgment and grasp of the market are, always manage your take profit and stop loss to secure your gains.
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