Crypto Circle Academician: On July 24, Bitcoin's downward momentum far exceeds expectations! Increased short positions indicate a deeper decline? Latest market analysis and reference suggestions
Current price of Bitcoin is 117,500. It’s currently 1:30 AM Beijing time. To start, let me ask if everyone has gone south; congratulations, but don’t all get off the bus. The first target can be to sell part at 117,000. Don’t rush with the rest; wait for the wind to come. As long as you lock in profits early, any remaining potential is just icing on the cake.
Before writing this, the daily K-line reached a high of 120,150 and a low of 117,250, and it continues to decline. The EMA15 trend support at 116,500 is expected to be unable to hold. If this wave of shorts continues, we will see further declines. Keep an eye on the EMA30 trend support at 113,750. The MACD has shown a decrease in volume leading to increased short positions, with DIF and DEA forming a death cross at high levels, and the K-line has reached above the Bollinger Band's middle support at 115,300. Monitor if the middle track support can hold before deciding whether to get off the bus when going south or consider going north.
The four-hour K-line has already broken through the triangle mouth. After a stretch and inducement yesterday, it has started to plummet, breaking through the EMA60 trend support at 117,600. The MACD has ended its volume increase and started to decrease, leading to increased short positions. If it falls below 116,000, the shorts will continue in the short term. The lower support to watch is 116,500. Multiple trend indicators and technical indicators overlap at 116,500, which needs to be closely monitored. Further operations should be considered once the market reaches this point. For now, those who have not entered should mainly observe.
Short-term strategy reference: The market is never 100%, so always set a stop loss; safety first. Small losses and big gains are the goal, especially if key resistance and support levels are broken. Stop losses must be executed; do not hold on to losing positions.
Northern trial entry point is 116,500 to 116,000, with a defense at 115,500 and a stop loss of 500 points. The target is set from 117,500 to 118,000, and if broken, look for 118,500 to 119,000.
Southern trial entry point is 119,000 to 119,500, with a defense at 120,000 and a stop loss of 500 points. The target is set from 118,000 to 117,500, and if broken, look for 117,000 to 116,500.
Specific operations should be based on real-time data from the market. For more detailed information, you can consult the author. There may be a delay in publishing the article; suggestions are for reference only, and risks are borne by the reader. $BTC