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8.11 Morning Thought Analysis
The Bitcoin price has now risen to around 119,500, with an overall bullish trend. From the daily chart, after a period of consolidation, the market has built up sufficient momentum, and the bullish forces are gradually recovering. Given the current situation, the momentum for a breakout is very strong.
According to Feige's suggestion, around 118500 is a good entry point, and you can consider going long here. The short-term targets can be 119500 or 120000, and if these two levels are broken, it may continue to rise to 123000.
The strength of this rebound is considerable. If it breaks through, there may be more buying pressure entering the market, pushing the price to continue rising. Therefore, it is recommended that everyone pay attention to the pullback opportunities around 118500. Once support is confirmed as effective, it can be considered to go long.