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7.29 Bitcoin (BTC) market analysis reference
Bitcoin continued its upward trend yesterday, approaching the 120,000 mark, with prices reaching around 119,800 showing signs of resistance. Subsequent attempts to break through the 120,000 resistance were unsuccessful. From the afternoon to the early morning, the market began to pull back, and the current price is around 118,000, with the upward momentum weakening. The market is now in a consolidation phase as both bulls and bears adjust. Therefore, it is not advisable to blindly chase long positions in future operations, and caution should be exercised against potential price pressure leading to further support retraction.
On the short-term hourly chart, the Bollinger Bands have started to narrow, and bullish sentiment has weakened. The current upward movement is facing pressure, and resistance is slowly moving down. A short-term pullback signal has been given, and it is expected that the price will test downward again. Therefore, it is currently not recommended to enter long positions blindly; it is better to wait for touches of support before considering. In the short term, due to reduced upward momentum during the day, the movement has pulled back into consolidation. Thus, our strategy is to short high and long low. Pay attention to resistance near the 199500 position above, and support around the 116800 line below.
7.28 Bitcoin short-term reference:
Short at 119500, defend with a top up at 122500, stop loss: 500, target below 118500.
Buy above the test warehouse point of 117000, stop loss at 500, protect with a supplement at 115000, target above 118000.
There is a delay in sending the article, and the strategy suggestions are for reference only. The market changes rapidly, and no matter how high your judgment on the market is, you must manage your take-profit and stop-loss well. Secure your profits.