7.23 Bitcoin rebounds from the bottom again under pressure, when will the bears start?
As of now, Bitcoin is oscillating around a high of $119,077, with the intraday high only reaching $119,582, and the bullish momentum has significantly weakened! Three major bearish signals have simultaneously appeared on the technical front: RSI shows bearish divergence, the rise is without volume, and buying momentum is declining. The RSI has formed a death cross, and short-term buying power is basically exhausted. The price has repeatedly attempted to break through the $119,000-$120,000 range without success, making it highly likely to enter a correction period!
Current resistance is strongly pressed at $119,000-$120,000; a light short position can be tried in the short term, with a stop loss set above $120,500. If it breaks below $115,000, it will confirm the entry into a bearish rhythm, with a target range looking toward $112,000-$110,000. If it continues to maintain high-level oscillation but does not effectively break through with volume, be cautious of a potential trap for bulls!
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Trading suggestions:
Short Bitcoin at $119,000-$119,500, target around $117,000-$115,000. Defense at $120,500.
Short Ethereum at $3,750-$3,790, target around $3,680-$3,580. Defense at $3,840.