July 23 Bitcoin Morning Market Analysis and Trading Suggestions
Bitcoin surged strongly yesterday, oscillating upwards in the evening, breaking through the previous high, reaching the 120,000 psychological level. Currently, it is consolidating at a high level, with a bullish bias. The main strategy for intraday trading is to go long on dips.
In the short-term structure, it shows an expansion pattern, which is very unfavorable for trading. False breakouts above and below the high and low points can easily trigger stop losses. Currently, the price is at the upper edge of the structure, leaning towards a continued upward breakout.
Trading suggestion: Buy on a pullback around 118,000-117,500, with a stop loss at 116,500 and a target of 120,500-122,500.
