Cryptocurrency Scholar: Heavy Resistance Above Bitcoin at 7.31, Are Bears Ready? Latest Market Analysis and Reference Suggestions
Current Bitcoin Price: 117700, it's currently 1:30 AM Beijing Time. The market is consolidating; we'll see how much impact tonight's news will have on Bitcoin. Before that, the technical side remains in a fluctuating pattern. One thing to remember is that the bullish trend has not been broken. In the short term, the sideways market will continue. There isn't much room to operate at this time. Congratulations to friends who have already entered at high positions; for those who haven't entered, it's time to wait for opportunities.
The daily K-line before publication hit a high of 118750 and a low of 117300. The main force is consolidating and selling off, maintaining a sideways trend on the EMA15 indicator for three consecutive days. It is expected that there will be a wave of upward movement to 120,000 followed by a pullback. It’s worth being patient. The MACD continues to reduce volume while accumulating positions. The downward expansion of DIF and DEA at high levels indicates that bears are starting to increase their positions in an attempt to disrupt the bullish pattern. The upper Bollinger Band has already fallen below 120,000, and support at the lower band is at 116600. This wave of pullback could rise to around 119,000, and then a southward trial of positions can begin.
The four-hour K-line is also consolidating, with the EMA trend indicator's upper pressure level reaching 118000. The K-line has been continuously pushing upwards, and the EMA trend support is at 116500. After the MACD reduces volume and increases positions, both the DIF and DEA lines have fallen below the zero axis. The upper Bollinger Band basically overlaps with the daily upper band around 119500, while the lower band support is at 117000. The range of the sideways box has basically been established. Friends looking to trade intraday can refer to these levels; those wanting to enter a trend position can consult the author.
Short-term strategy reference: The market is never 100% certain, so always maintain stop-loss orders; safety first, small losses for big gains is the goal. Especially if key resistance and support levels break, stop-loss orders should still be executed rather than holding positions.
Northern trial entry point: 116500 to 115500, with a stop-loss at 114500 and a stop-loss of 500 points. Target is 117500 to 118500; if broken, look towards 119000 to 119500.
Southern trial entry point: 119000 to 119500, with a stop-loss at 120000 and a stop-loss of 500 points. Target is 118500 to 117500; if broken, look towards 116500 to 116000.
Specific operations should be based on real-time market data. For more detailed information, you can consult the author. There may be delays in article publication; the suggestions are for reference only, and risks are borne by the reader.