7.24 crypto world Mr. Coin: Bitcoin (BTC) market analysis reference

Yesterday, Bitcoin's market surged and then corrected in the early hours, with the price rebounding around the 120,000 mark facing resistance, subsequently breaking downwards. Currently, it has retraced to the low of 117,250, showing a rebound. Overall, the market remains in a wide range of fluctuations, with the current price operating in the vicinity of 118,300.

On the daily chart, the market has rebounded multiple times but has failed to stabilize around the 120,000 level. The price has broken down again, and the 120,000 round number above is forming resistance. If the market cannot make a strong rebound during the day, the price may continue to experience a wide range of fluctuations.

On the short-term hourly chart, the Bollinger Bands are in a contracting formation, with prices retracing in the middle to lower band area. The short-term trend is under pressure around the 119000 position. Currently, although it has touched the 117000 line and rebounded, there are frequent long wicks appearing below, indicating that the support below is quite strong. If it cannot break through 11900 in the short term, there is a possibility of a pullback to the 117000 line. Therefore, it is not recommended to blindly chase long positions, and one should be cautious of prices dropping again. Watch for resistance at 119500 and 120000 above, and support at the 117000 line below.

7.24 Bitcoin short-term reference:

Lower test position 119900 - 121000, defend with 122500 supplement, stop loss: 500 target below 119000,

Test the long position at 117500-116500, stop loss 500, defend and supplement at 114500, target above 118500,

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 and grasp of the market is, you must always set take-profit and stop-loss levels. Secure your profits.