The short position at the current price sent out yesterday has once again taken profit. I believe all friends can see that the vast majority are bullish, while Chen Dong's short position at the current price is as precise as it can get. All operational thoughts were disclosed in advance, and they are by no means hindsight analysis. The time of each prompt can be clearly checked, and everyone can verify them one by one at any time.

July 29 Analysis:

Yesterday, Bitcoin rose to a high of 119800, with multiple attempts to break through the 120000 mark failing. In the afternoon to early morning, the price began to pull back, and the day was marked by erratic fluctuations, aptly described as a 'psychological game'; only by holding firm can one laugh last. The moment the market continuously moved downward, a bearish trend was already set, but after a night of adjustment, there was some rebound. According to the wave correction principle, each wave is lower than the previous one, and the US market period completed its correction as expected. Ultimately, Bitcoin dipped to around 117300 before halting the decline, and it is currently rebounding and consolidating in the 118000 area.

Regarding Ethereum, influenced by yesterday's breakout during the Asian session, the correction was relatively stronger, dipping to around 3750 for support, and is still in a low consolidation state overall.

From the short-term hourly chart, Bitcoin's Bollinger Bands are beginning to narrow, with bullish sentiment weakening. The current upward trend is facing pressure, and resistance levels are slowly moving down. A pullback signal has been given in the short term, and it is expected that prices will continue to test downward. Therefore, it is currently not recommended to blindly enter long positions; those who are cautious can wait until support levels are reached before considering entry. Due to the weakened upward momentum during the day, the trend has pulled back and entered a consolidation phase, with the operational strategy focusing on selling high and buying low: resistance to watch near 119500 above and support to watch near 116800 below.

The short-term 4-hour chart for Ethereum shows the Bollinger Bands in a slow narrowing posture, with the trend running in the middle band support area, and prices have temporarily halted their decline near the middle band support. However, the short-term trend is relatively weak; if the subsequent rebound cannot stabilize above 3800, and if the short-term support at 3750 is broken, it is possible that the short-term trend will continue to test downward, so everyone should prepare in advance. Currently, the short-term trend maintains a range-bound consolidation pattern.

Bitcoin: Sell near 118800-119300, target around 117300; Ethereum: Sell near 3790-3810, target around 3720.

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