7.9 Is Bitcoin about to sprint towards 120,000, or is it a big waterfall?
Bitcoin's weekly close is around 109,200, the highest historical weekly close. From a weekly perspective, it looks bullish and continues to trend upwards. However, at the current price, it is easy to move within a range between 109,000 and 105,000. The strength of the recent weekly bullish candle is not strong. Last time, after breaking through the daily triangle and pushing up to 110,000, the selling pressure was too heavy to achieve a strong breakout. Currently, the view is still to continue to oscillate, gathering strength for another attempt at a new high.
Currently, Bitcoin's volatility continues to decrease, like a spring, compressed to the extreme it will burst. This is the calm before the storm; do not leave the market, keep paying attention. A downward trend line appears on the hourly chart; if it breaks this downward trend line, go long. The bulls firmly defend the bottom line of 108,500, which has not been broken. Short-term support remains unchanged in the range of 108,000 to 108,500. If the consolidation chooses to break down, then the swing support is around 106,000. If the price drops to this level, it will still choose to enter long positions here.
Trading Suggestions:
Long Bitcoin at 108,000-108,500, targeting around 111,000-113,500. Defensive stop at 107,000.
Long Ethereum at 2,580-2,620, targeting around 2,700-2,850. Defensive stop at 2,540.
