7.19 Morning Analysis

The price surged to 121,000 before entering a downward consolidation channel, continuing to decline during the European session, and the U.S. session has tested the key support level around 117,200. Technical patterns indicate:

1. The Bollinger Bands show an expanding downward trend, with prices operating along the lower band

2. Five consecutive bearish candles form a stair-step downward structure

3. MACD histogram continues to expand, with no signs of a bottom divergence

**Key Observation Points:**

If the 117,000 support zone is effectively broken, it may open up the space below 115,000-116,500

**Today's Trading Suggestions (High Risk Warning):**

- If BTC rebounds to the 118,000-118,500 area, consider gradually building short positions, with the first target at 116,500 and the second target at 115,000

- If ETH rebounds to the 3,570-3,600 resistance zone, consider positioning short, with a target range of 3,480-3,400 $BTC $ETH