7.23 Early Morning Bitcoin and Ethereum Analysis
The rebound this early morning is not surprising. The price has been oscillating close to high levels, more like it's gathering strength for a breakout, especially with the alignment of funds and sentiment. One can sense that the market is not in a hurry to move, but it also does not plan to retreat.
Currently, the overall trend maintains a relatively strong structure, with the bulls slightly in control in the short term. However, the 120,000 level remains a barrier; if a strong push fails, it may quickly turn into a sideways retreat. At this time, it is acceptable to try long positions with light capital, but the focus should still be on the rhythm: do not chase after highs, and do not panic on pullbacks.
Trading Suggestions
Bitcoin: Long in the range of 118,700-118,000, with a target of 119,800-121,000
Ethereum: Long in the range of 3,700-3,670, with a target of 3,770-3,820, do not chase aggressively, and guard against pullback liquidation.
