7.30 Morning Thought Analysis
In the early hours, the cryptocurrency price once again dipped, hitting a low of 116900 before rebounding. Overall, it has maintained a range of 117000-118000, with a narrowing volatility. From the chart, there is significant support at 117000 below, which has been tested multiple times without effectively breaking.
On the four-hour level, two bearish candles touched the lower track, followed by a bullish rebound. Currently, both bulls and bears are in a stalemate, with momentum continuously oscillating. However, the weekly chart shows that Bitcoin is still in an upward channel, and the long-term bullish trend has not changed, with moving averages remaining in a bullish arrangement. Therefore, the overall market pattern still leans towards bullish.
Trading Advice
Bitcoin: Buy around 117000, target 119000
