The cold wind on the summit, please steer clear of the blade!

Hey guys, the old bull is watching the market! Bitcoin (BTC) is moving today, stuck in a critical position like a rubber band. Yesterday's surge was indeed strong, touching the 'Summit' at 124,474.00, but what happened? The bears countered with a suppression, and the price directly slid down. Now it's firmly stuck on the iron plate at 118,588.00, with massive pressure around 120,800.00 above. The market is currently a live scene of (long-short tug of war), with the price oscillating back and forth in a few-point gap around 118,584.89. The order zone is filled with precise battles down to three decimal places, it's dizzying! What does this indicate? The long and short forces are fighting fiercely in this narrow space, neither side is willing to give in.

The market is soft and timid; holding the support is the only way to have a chance!

Yesterday's 'tombstone line' (a massive spike followed by a drop) hurt morale, too many funds are guarding the summit, and restoring confidence takes time. The market looks like a beaten tiger, hiding at the support level to catch its breath. MACD is sticky below the zero axis, and the green bars are almost gone, indicating severe lack of momentum, purely wasting time. The old bull thinks it's tough to explode upwards today! The strong resistance at 120,800.00 has not been broken with volume yet; any rise could be a 'paper tiger'. The key is underfoot, keep a firm eye on that critical support at 118,588.00! This is the last line of defense for the bulls; if it breaks with volume, panic and stop-loss orders will emerge, and the next elevator will directly head to deeper levels. The risk outweighs the opportunity; being 'ninja' is the safest.

119,000: Today's emotional litmus test!

Don’t underestimate 119,000, it's the psychological dividing line for bulls and bears today! It's right in the middle of the current support at 118,588.00 and strong resistance at 120,800.00 (observe the position in the chart). Why is it key? If it rises above 119,000, it indicates the bulls have caught their breath, showing signs of a small counterattack, which could pique the market's interest. "Seems like it can be rescued?" But if it struggles to break 119,000? That's it, basically it means a sideways grind to death or a downward spiral, indicating the bulls are still weak, and it may eventually be pushed back to test or even break the support at 118,588.00. Watching the price struggle at 118,584.89 on the screen, the old bull feels only a 30% confidence in today's breakthrough standing firm at 119,000 and forming a trend reversal! The greater likelihood is continuing to fumble around this area or even shifting the focus downwards.

Action guide: Standing firm on support is key, break through 119k for signals!

In a word: Look more, act less; safety first!

1. Those who take coins: Weld my eyeballs to 118,588.00! The price is valid below (especially watch for the closing price breaking below) here, don’t hold any illusions, defend when necessary!

2. Those who are out of positions: Don't get itchy and scratch the wall! Buying the dip now is like picking chestnuts from the fire, the cost-effectiveness is too low.

3. Key points to watch: Want to bet short? Focus on two positions!

Must hold the support at 118,588.00!

If you really want action, the price must quickly, effectively, and with volume break and hold above 119,000! Otherwise, it’s all a trap to lure in bulls.

Will the next step see the tiger turn into a sick cat, or will the sick cat fight back? The old bull is closely watching the market; when the signal comes out, the first whistle must be blown! Follow to avoid getting lost, keep your base safe, the grand show will eventually arrive! #美国7月PPI年率高于预期 #BTC走势分析