7.18 Market Analysis
Bitcoin surged to around 121,000 overnight but faced downward pressure, currently oscillating around the 119,000 area. On the 4-hour chart, although the price pierced the middle band of the Bollinger Bands with a large bullish candle, the subsequent small bullish candles have narrowed in size and frequently produced upper shadows, indicating significant selling pressure above; the tightening of the Bollinger Bands further restricts short-term upward movement.
In terms of technical indicators, the MACD lines are converging with insufficient momentum, while the KDJ indicator is diverging downward, increasing the probability of a short-term pullback. The intraday strategy is primarily focused on short positions, paying attention to resistance in the 121,000-122,200 area. If this range effectively holds, we can look to short down to 118,000-117,000, and if it breaks, it may drop to 116,000-115,000; if the price does not continue to fall and stabilizes above the resistance area, we can consider reversing to a low long position.
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