Recently, the Bitcoin market has been quite elusive! Currently, Bitcoin is hovering around $118,400 on July 22, positioned within a symmetrical triangle formation, which is crucial. Its resistance level is at $119,000, acting like a barrier above; the support level is around $116,000, resembling a defense line below. Based on past experiences, this kind of symmetrical triangle formation often indicates an imminent breakout, but whether it will break out upwards or downwards is still uncertain.

Looking at the technical indicators, the MACD histogram remains positive, indicating that the bulls are still in control, but it is gradually getting shorter, which suggests that the bullish momentum is slowly weakening. Whether it can maintain its strength moving forward is a big question mark. The KDJ indicator is in a neutral zone, like a person standing at a crossroads, not providing a clear directional signal, making it difficult for us to judge the next movement from it. The RSI is operating in the mid-low range, and the MACD momentum bars are shortening and approaching a golden cross, which suggests that there may be a short-term rebound.

Yang suggests that everyone should short around $117,500, with the first target looking at $116,300, and then down to $115,300. However, market changes are faster than turning pages, and various news and capital flows can affect Bitcoin's price. Everyone must closely monitor various news and price trends; once the situation looks unfavorable, promptly adjust your strategy, so you don't stumble in this volatile market! #BTC