7.29 Bitcoin Short Position Setup? Unable to Break Through 119K, Inducing Longs and Liquidity Washout for Downward Momentum!
Currently, BTC is consolidating around 119,000, attempting to break through but has not surpassed the 120,000 resistance level. Short-term momentum is weak, and resistance is facing challenges! The logic for short positions reveals clear pressure; the 119,800 range has been repeatedly blocked and retreated, with bulls unable to stabilize and technical indicators out of balance.
In the 4-hour chart, the 50-day moving average is turning downward, indicating a weakening short-term trend. On-chain capital is loosening, and whale capital is showing an increasing tendency to disperse, which may correspond to intensified profit-taking by main players. As for short-term strategies, if the repeated attempts to test 119,000 fail, it is advised to gradually open short positions at high levels, with a stop loss set below 120,500. Key support looks towards the 115,000 area; if lost, further declines can be anticipated. The current fluctuation is heavily flavored with inducing longs, and one should be cautious of short-term bullish sentiment backlash while maintaining a bearish stance. For friends who find recent market operations unsatisfactory, consult btc0796 to connect with me for market discussions.
Trading Suggestions:
Short at 119,000-119,500, targeting around 117,000-115,000. Stop loss at 120,500.
Short at 3,850-3,890 for Ethereum, targeting around 3,600-3,500. Stop loss at 3,950.