7.19 Afternoon Thoughts
From the four-hour chart, after four consecutive bearish candles, the price has found support at the lower Bollinger Band, but the Bollinger Bands are narrowing, indicating a decrease in volatility, with both bullish and bearish momentum appearing insufficient; although there has been a slight rebound, it has failed to break the pressure of the middle band. Looking at the one-hour chart, there is a series of bullish candles, but the bodies are relatively small, indicating weak momentum, and the Bollinger Bands are opening downwards, with the middle band forming short-term resistance.
Trading Suggestions:
Bitcoin: Continue to be bullish, consider going long around 116800-117300, and aim for around 120000! If it breaks out, look for new highs!
Altcoin: Consider going short around 3620-3650, aiming for around 3550