7.9 BTC Key Level Battle, Chip Concentration Area About to Ignite Breakout Market
The price is currently testing the key resistance level of 108954, which is the peak of trading volume over the last 2-hour period. Combined with the KDJ golden cross signal, this indicates that short-term upward momentum is building. It is worth noting that currently, although trading volume is shrinking, the RSI has broken through the upward trend line, suggesting potential for a breakout. Observing that the EMA24 and EMA52 are in a bullish arrangement, while the MACD histogram continues to grow, indicates that upward momentum is still accumulating. Coupled with the chip distribution, the area between 107651-107760 forms a strong support zone, providing a safety cushion for potential pullbacks.
After the price of Bitcoin started to rise in the early morning, it is currently in a narrow converging oscillation; this contraction also means that the upward structure will continue, with a focus on maintaining low long positions during the day!!! In the short term, continue to pay attention to 109700 and 111000 as I am optimistic about a breakout brewing in convergence!
Operational Suggestions:
Buy Bitcoin at 108000-108500, target around 111000-113500. Stop loss at 107000.
Buy Ethereum at 2540-2580, target around 2700-2850. Stop loss at 2500.
