7.29 Early Morning Strategy Analysis
Yesterday's market fluctuated upward in the morning, with Bitcoin reaching a high of 119812. The bullish strategy in the morning was validated, entering Bitcoin long at 119000, gaining 812 points, and Ethereum long at 3850, gaining 50 points.
Today, Bitcoin explored highs and then retreated, with the previous day's gains being given back. The continuous downward trend broke the middle Bollinger Band, indicating that the bears are releasing pressure but the support below is restraining further decline. The market is stuck in a range between bulls and bears, with Ethereum moving in sync. After a retracement during the day, initial signs of overselling are appearing, and bearish energy is nearing its end. The recommendation in the early morning is to buy on the pullback.
Trading Suggestions
Bitcoin: Buy near 117500, target 119000
