July 24th Bitcoin Morning Market Analysis and Trading Recommendations
From the 4H chart, Bitcoin has been oscillating at high levels recently. Last night, the bears attempted to push prices down but failed to break support, instead forming a long lower shadow, indicating that the bears' resolve to decline is not strong, while the bulls are providing ample support. The short-term outcome of this competition is that the bulls are dominant.
In terms of trading, everyone is advised to buy in the range of 118000-117500. If you have entered the market, you are currently in profit and can continue to hold, as we can at least see the pressure level near 120000 above.
If the 120000 pressure level can also be successfully broken, then there is an expectation of a double top in the overall structure, and the oscillation structure will expand from 116000-120500 to 116000-123000.
Trading Recommendation: Buy in the range of 118000-118500, with a stop loss at 117000. Currently, we are looking at the upper limit of the oscillation structure near 120000, and if broken, we look towards 123000.
