7.26 Bitcoin Rapid Sell-off, Dips and Then Rebounds, Is the Market Up or Down?
The Bitcoin trend basically meets my expectations. After breaking below the support trend at 115000, it rebounded after hitting the bottom. The current price is again in a high-level fluctuation. In the short term, both bulls and bears are confused. Do not be misled by the market's back-and-forth movements. It is expected that there will be further tests of more critical support in the future. Currently, the downward channel trend support has been lowered to around 113400, and the large-scale trend pressure has been raised to around 118800, still favoring short positions.
Data shows that large BTC transactions reveal a clear short signal from the main force, with the total amount of large market sell orders far exceeding buy orders, indicating a significant short trend. Short-term rebounds further suppress the price's upward space. Combined with the current K-line, the downward trend is confirmed. At the same time, the recent KDJ indicator is converging, and the RSI double bottom pattern shows initial signs of a rebound, but we must be wary of continued selling pressure from the main force. From the technical perspective of Ethereum, a head and shoulders top is forming, with support seen at 3300-3400 below. For friends who are not satisfied with recent market operations, consult btc0796 to join me in discussing the market.
Operation Suggestions:
Short Bitcoin at 117500-118000, target around 116000-114000. Defensive at 119000.
Short Ethereum at 3750-3790, target around 3600-3500. Defensive at 3840.